With the rate cut today, what does this mean for me when I apply for a home loan?

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We applied for a mortgage today, so does this mean that with the feds cutting the interest rate again that the interest I will pay on that loan will be lower??

Doesnt interest get set depending upon your credit??

3 Comments
  1. Reply
    kelbean
    February 13, 2011 at 4:49 pm

    if you have excellent credit, then the rates should be lower but if you have average to fair – it doesn’t do a whole lot.

  2. Reply
    godged
    February 13, 2011 at 5:03 pm

    Interest rate is affected by credit, and if you have great credit, expect to get a great rate.

    Today’s Fed discount rate cut may not lower mortgage rates, it is a little to soon to tell how mortgage rates will be affected.

  3. Reply
    suzieq1007
    February 13, 2011 at 5:46 pm

    Providing that you didn’t lock in your rate your Interest rates do get set depending on your credit, but the interest that you will be paying would be less now that the rates have gone down.

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