In order to continue to "foster market liquidity," the recent federal rate cut is the third of 2008. According to the Austin Business Journal, consumer spending has slowed and financial markets are under pressure. The rate cut is expected to dissipate some fears and cushion any negative economic conditions.
The federal funds rate is now at 2.25, causing major financial institutions to drop their prime mortgage rates to 5.25 to 6%. In a city like Austin, which has consistent growth and has been mostly immune to the financial woes of much of the nation, the low interest rates could mean it’s a great time to invest.
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