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Federal Funds Rate Stays the Same

Posted on | January 28, 2009 | No Comments

Though I won’t post the entire statement from the Fed, here is the basic information.

The Federal Open Market Committee decided today to keep its target range for the federal funds rate at 0 to 1/4 percent. The Committee continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time.

Remember, this is the rate at which the banks borrow money from the Federal Reserve and has little to nothing to do with mortgage rates, which is one of the biggest misunderstandings home buyers and those refinancing their homes have.  Check with your local lender or bank to find out what the current rate for conventional, VA and FHA loans.

The complete press release is found at the Board of Governors of the Federal Reserve System website.

Category: Economic News
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