Lowest Interest Rates of the Year!

The bond market has improved over the last several days and rates have moved down into the low 5’s and even the high 4’s! It's a great time to buy or refinance and get a low fixed rate loan.

The Federal Reserve on Tuesday aggressively cut its target for overnight interest rates to a record low zero to 0.25%, and said it would employ “all available tools” to dispel a year-long recession.

The surprise move to lower its target for the benchmark federal funds rate by 0.75 percentage points to up to a full point from its prior 1% put the Fed in unprecedented policy territory. Financial markets had expected the Fed to lower rates by no more than three-quarters of a point.

“The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability,” the Fed said.

The cut in the federal funds rate pushes it to its lowest level on records dating to July 1954, and the central bank said it would likely keep it at “exceptionally low levels for some time.”

Read more at Financial Week