Breaking News: FOMC Meeting & Interest Rate Decision

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Written by Chris Richter

Tuesday, 18 March 2008 22:00

The Fed has reduced the Federal Funds Rate by .75%. This brings the benchmark to 2.25% and the Prime Rate to 5.25%.

This is great news if you are looking for a new credit card. Mortgages don't always respond the same way.

This has triggered a bond sell-off and, more than ever, this highlights something we addressed in a February webcast.

After the dust settles, we'll post another update and continue to keep you current. Chicago Mortgage Rates are higher than the same time yesterday. Chicago FHA Rates are higher than the same time yesterday.

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