Fed Cut May Decrease ARMsOct 31 2008
OCTOBER 31, 2008-- The Federal Reserve made a rate cut October 29th, which could lower some mortgage rates. Adjustable rate mortgages may see rate deductions in response to this move by the Fed, but fixed-rate mortgage are not expected to be immediately impacted. The United States government’s actions may also be easing the credit crisis. According to a money.cnn.com report today, the LIBOR rate which many adjustable rate mortgages are tied, fell to 3.03% from 3.19%.