Fed Cuts rate by 50 Basis points
The Federal Reserve cut interest rates by 50 basis points during an emergency meeting this week. Interestingly enough, I was in a meeting in which a residential colleague said one of their home-buying customers was quoted a 15-year rate at 2.75%. I remember my mom telling me, when I was a child, that she was paying 12%. Things sure have changed.
I've spoken with multiple commercial lenders who have indicated that they are trying to adjust their rates accordingly. Many indicated that they could be more competitive than their quoted rate after getting approval.
With so many analyses out there, it can be hard to figure out just what your next step should be. I think a good rule of thumb is to examine your long term goal and see if a change today helps benefit that goal.