New Federal Reserve Rate Cut May Boost Housing Market
SOURCE: Reuters
The cut of three-quarters of a percentage point lowered mortgage rates to their lowest level in nearly four years.
"The increase in the conforming loan limit should have a positive impact on the housing market, and overall I would say the package is large enough that it should have a notable impact on GDP growth," said Dean Maki, chief U.S. economist, Barclays Capital in New York.
The measure will help the more credit-worthy borrowers and with more financing from Fannie Mae and Freddie Mac will likely only stimulate sales of pricier homes. It will not, however, help those already in trouble.
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The cut of three-quarters of a percentage point lowered mortgage rates to their lowest level in nearly four years.
"The increase in the conforming loan limit should have a positive impact on the housing market, and overall I would say the package is large enough that it should have a notable impact on GDP growth," said Dean Maki, chief U.S. economist, Barclays Capital in New York.
The measure will help the more credit-worthy borrowers and with more financing from Fannie Mae and Freddie Mac will likely only stimulate sales of pricier homes. It will not, however, help those already in trouble.
Read full report »
