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Lowest Mortgage Rates in 50 Years

March 12, 2020

The Federal Reserve slashed interest rates today, trimming the federal funds rate by 0.50 percent to a range of 1-1.25 percent. The Fed is trying to stay ahead of disruptions and economic slowdown caused by the rapidly spreading coronavirus. -Bankrate.com

Interest rates are now set in a 1 percent to 1.25 percent range, and Jerome H. Powell, the Fed chair, signaled that further moves were possible. “The virus and the measures that are being taken to contain it will surely weigh on economic activity, both here and abroad, for some time,” Mr. Powell said at a news conference, adding the Fed was “prepared to use our tools and act appropriately, depending on the flow of events.” – New York Times

These new drops make interest rates the lowest in 50 years.

Now is a great time to meet with your lender if you are considering buying your next home.

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