The New Rate Cut Hope To Restart The Housing Market
SOURCE: ReutersThe new Federal Reserve rate cut and a stimulus plan that will expand the availability of home loans in hope of helping the U.S. housing market and in doing so, help economy along with it.
The interest rate cut of three-quarters of a percentage point has created a series of events that has left mortgage rates at their lowest level in nearly four years.
"The increase in the conforming loan limit should have a positive impact on the housing market, and overall I would say the package is large enough that it should have a notable impact on GDP growth," said Dean Maki, chief U.S. economist, Barclays Capital in New York.
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