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Federal Reserve Slashes rates Three Quarters of a Point

The US Federal Reserve slashed interest rates ¾ of a point on Tuesday driving rates back down to near historic lows. Current mortgage interest rates, for a 30 year mortgage, were down to near 5.25% and rates for a 15 year mortgage were down to 4.85%. This has given millions of homeowners the opportunity to now refinance their mortgages, (a driving force of intent behind this large of a drop) with many saving upwards of several percentage points, which can literally mean thousands off of your mortgage.

Driving The Real Estate Market
It is also hoped that this cut would help drive a sluggish real estate market allowing more and more non-homeowners the ability to qualify for a home purchase loan through lower rates which can mean qualifying for more home due to the now lower mortgage payments.

Consolidating Debt and actually saving money
With these new lower rates, debt consolidation loans, which are hoped, will help to revitalize the country, is on the rise as with these lower payment options homeowners can now eliminate debt like credit cards, auto loans, and consolidate into one smaller monthly payment, where the interest can also be tax deductible.

If you are interested in finding out your options with no obligation you can compare mortgage rates for free, here on CompareFreeMortgageRates.com and receive free quotes from some of the top lenders in the country. It’s a great way to see how much you could save on your mortgage loan, no matter whether you are looking to buy a new home, refinance your existing mortgage, or even consolidate debt and eliminate many of your monthly bills.

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