On September 19th, 2007 the Federal Reserve Chairman, Ben Bernanke, announced that he was cutting the key Fed Funds rate by .5%. This surprise cut sends a huge message to the financial markets here in the U.S.A. and around the world. But what does it mean to us, the everyday American. You will hear throngs of reporters come out to tout the lowering of interest rates. They will begin to recommend that you refinance your adjustable rate mortgage or your higher interest 30-year fixed mortgages and there will be many stories about how this affects you and your financial future. The real story is often lost in the mad rush to be the first to report and to tell you what this means to you.
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