Mortgage refinancing Reviewing the basics
According to the Fed, this and other measures currently being implemented would result in a greatly improved economic climate that will in turn usher in a period of economic advancement. While many financial analysts anticipated this move by the Fed, it was unclear how large the interest rate cuts would be. The federal funds rate was already lowered several times over the past year, with a half point decrease implemented only a few weeks ago. This decrease currently places the interest rate at the same levels as it was in the latter part of 2003 and the beginning of 2004. This stands in sharp contrast to interest rates in the latter part of 2006 and the beginning of 2007, when rates reached as much as 5.