Archive for January, 2008

Fed Cuts Rates by 3/4 Point In Bid to Calm Markets

Tuesday, January 22nd, 2008

The announcement came at 8:20 am New York time before the U.S. markets opened. Stock futures, which were pointing to a sharply lower open, bounced back but are still indicating a lower open.

The following is the text of a statement released by the U.S. Federal Reserve on Tuesday:

The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.

The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth.

While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households.

This mortgage update provided by:

JD Terry
Mortgage Banker
East Carolina Bank Mortgage
Phone: 910-431-6082
Fax: 910-799-7091
JDTerry.com

If you have any questions on how this will effect retail mortgage interest rates please do not hesitate to give JD a call.

Art of the Table at Bellamy Mansion

Thursday, January 17th, 2008

Adiós Riggins

Wednesday, January 16th, 2008