Rates DROPPED .5% on most loan program yesterday

According to AFX News Limited "The Federal Reserve on Tuesday slashed a key interest rate by three-fourths of a percentage point, moving aggressively to contain a credit crisis threatening to push the country into a severe recession.

The latest action brought the federal funds rate -- the interest that banks charge each other -- down to 2.25 percent, the lowest point since late 2004. It marked the second back-to-back cuts of three-fourths of a percentage point."

So what does this mean to me?

The Federal Reserve recognizes that the national housing market market is suffering. By lowering rates, the FED hopes to increase demand by enticing more buyers to buy. Although Portland isn't struggling like many other cities, this rate drop will have a positive effect on our market. As of yesterday, March 17th, interest rates have dropped .5% for most loan programs. Please contact me with any questions or for further information via my website at http://www.NathanWyllie.com or by phone at 503-502-5072