Interest rates have been dropping lately thanks to moves by Fed chairman Ben Bernanke, but what do the lower interest rates mean for you? Lower mortgage rates: At 5.67% in February (plus an average 0.4 percentage point), the average rate for a 30-year fixed-rate mortgage was near a four-year low. Credit card rates: Variable interest […]
Fed cuts interest rate: The Federal Reserve unexpectedly slashed a key interest rate by a bold three-fourths of a percentage point on Tuesday, responding to a global plunge in stock markets that heightened concerns about a recession. The Fed signaled that further rate cuts were likely. Does anyone think this is actually going to help?