The fed took action this morning by cutting the rate (albeit short term rates) 3/4 of a point. What it means to current mortgage holders is very little unless you have an ARM. In this case if your time is up to readjust it will help you somewhat.
What we are seeing is not the end of the road, its not time to fold and lay your cards on the line. In fact, it is a great time to buy. Real estate continues to be the best long term investment (coming from the financial guru's on the tube...who are partially responsible for the good but mostly bad picture of the real estate market, that should be worth something!) and rates on a 30 year mortgage is still a competitive 5.25%!
Overall I say don't fall into the news fray,...step away from the television and go buy a house!
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