What exactly does this rate cut mean? Does it lower mortgage rates? Bank rates?
Written By: admin on June 6, 2009
One Comment
I am just a small confused on what the interest rate cuts target exactly. Does it mean the interest rates on savings and CD’s can go down? What does it mean for the dollar?
Related Financial Planning Posts
Tags: bank rate mortgage, interest rate cuts, interest rates, targetTags: interest rate cuts, interest rates, target
Savings and CDs will drop downward, maybe as early as tomorrow, or be lagged through the first week of November.
Mortgage rates probably won’t be affected much.
The rate is lowered for banks to loan each other money, and for banks to borrow from the Fed itself.