The Fed cut a key interest rate for the second time in just a few days. After dropping the interest rate by three-quarters of a percent on January 22, the Fed cut rates by half a point on Wednesday.
The Fed moved last week after markets around the world crashed on a trading day that was a holiday in the United States. In order to keep investors from rushing to sell on the New York Stock Exchange, the Fed decided to cut rates by a record amount.
The newest rate cut of a half point is designed to stimulate new investments. Lower interest rates are given almost immediately to consumers after the Fed makes an announcement. The Chicago Real Estate market could use the shot in the arm from lower rates.
As credit becomes cheaper, more people around the country can afford to borrow money, making it easier for many people to afford a mortgage that was out of reach just a couple of weeks ago.
With interest rate cuts bringing down the cost of mortgages, now is a great time for buyers to take advantage of deals on Chicago Homes For Sale in neighborhoods around the city.
Technorati Tags: Chicago Homes For Sale, Lower Interest Rates Chicago, Chicago Real Estate News
