The Fed did cut the Fed funds rate by .25% and the discount rate by .25% today, but was much more cautious than expected. The stock market and investors had already priced in and were expecting a .5% cut especially in the discount rate. This would have freed up less expensive money to borrow for lenders and corporations to access.
As a result, stocks have tumbled, mortgage backed bonds are in demand, and associated mortgage rates are expected to go lower tomorrow. Call 919.851.0999 for the answer to your questions and a quote.
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