On Tuesday September 18, 2007, the federal reserve board agreed to cut the fed funds rate as well as another cut to the discount rate. The amount of this decrease was 50 basis points, otherwise know as a half of percent. Speculators only imagined a quarter cut, if anything, to the rates. So to many of our surprise in the industry, we were quite pleased to see the half of a percent decrease.
What does this mean when the fed cuts the fed funds rate? Will it benefit you looking for a home loan? Not directly. It means that all short term loans will benefit from this decrease. Credit card or consumer debt, auto loans and home equity lines of credit will decrease. Any of you holding a home equity line of credit should see an adjustment in next months payment!!!
If you have any questions about a Las Vegas home equity loan you have or are looking on taking out a
Las Vegas home equity line of credit,