The central bank said today it had reduced the federal funds rate, the interest that banks charge each other, to a range of zero to 0.25 percent. That is down from the 1 percent target rate in effect since the last meeting in October. Many analysts had expected the Fed to make a smaller cut to 0.5 percent.
Today we actually locked in an interest rate at 4.875%. This is an enormous savings for so many homeowners that could save so many homes. We have rolled out a new streamline loan product that allows the borrower to basically have a "redo" on their mortgage with no appraisal, even if you have been late on a payment. This simply allows borrowers to lower their mortgage payment and save their home.
I feel so enthusiastic and much more positive about things to come, hoping that I can help my clients stay in their homes!
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