0.50%

Today the fed cut rates as expected, but it was 0.50% not 0.25%. It was predicted rates would be cut a quarter point in September, another quarter point in October. The base rates went down from 5.25% to 4.75%.

I’m in the process of buying my first home (Re: Making an Offer) so this news is great, it means I can lock in my rate right now. I’m getting a 30 year fixed rate jumbo mortgage loan, so the rates I was looking at before were hovering around 7.00%. Now it looks like I’m getting a 6.50% or perhaps even better.