More Good News for Denver Homebuyers and Sellers!

We are never quite sure what the Federal Open Market Committee (Ben Bernake and company, aka "The Feds") quite have in mind when the committee sits down to discuss monetary policy. The markets had factored in a .25 basis point cut on opening bell. On Tuesday at around 2:00 pm Eastern time, most of us in the real estate industry were elated to hear about a .50 point cut. To further sweeten the deal, the Board of Governors approved a 50 basis point reduction in the discount rate to 2%. This action should impact mortgage rates. If you are in the process of buying a home in the Denver real estate market and have already applied to a mortgage lender, I would certainly advise to cautiously float your loan and to maintain good communication with your mortgage lender.

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