Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

December 14, 2005

Interest Rates

by @ 10:28 am. Filed under Archived, Real Estate

Yesterday the Federal Reserve increased its benchmark lending rate by a quarter point. This is the 13th consecutive increase since June 2004. The new rate, 4.25% is the highest consumers have seen in the last four years. The federal funds rate is the interest rate banks charge each other. The Fed’s move means borrowing costs for millions of consumers and businesses will go up. A quick look at the mortgage picture is not very good either. The Mortgage Bankers Association (a national association representing the real estate finance industry)released reports that overall mortgage applications declined 5.7% last week. This decline occurred even with a slight decrease in 30 year mortgage rates. There is a brighter side to the Federal Reserves action yesterday. The Fed’s language regarding the rate change indicates that rate hikes are finally coming to an end.
Sorry for such a short post…but there is a bird flying around in the lower record hall that must be caught.

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