Refinance mortgage Learning the basics
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. In contrast, the end of 2006 and the early part of 2007 saw interest rates soar as high as 5. 25 percent.