The Fed Cuts Interest Rates Again

Interest Rates

The Federal Reserve’s Federal Open Market Committee decided to reduce its target interest rate by another quarter percentage point today, bring it to the range of 1.5% to 1.75%. Even though the domestic economy seems strong, fears about international financial troubles may have fueled the cut. This latest reduction could lead to lower mortgage rates in the near future. According to data from Lending Tree, mortgage interest rates decrease an average of 0.53% within 90 days after a Fed rate drop.