Fed Lowers Mortgage Rates
The Federal Reserve announced Friday that it has approved a half-percentage point cut in its discount rate on loans to banks. The discount rate only covers loans made directly to banks by the Fed or loans that banks make to each other over short terms.
How will this impact the real estate market in Birmingham?
For the time being, this should stabilize the current rates being offered and combined with the recent infusion of dillions of dollars into the banking system, keep credit availability from declining.
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