Section of Fed statement below: The Federal Open Market Committee decided today to lower its target for the federal funds rate 75 basis points to 2-1/4 percent. Recent information indicates that the outlook for economic activity has weakened further. Growth in consumer spending has slowed and labor markets have softened. Financial markets remain under considerable [...]

As you probably konw by now, short term rates are down. The Fed just cut the Federal Funds rate by 0.75% – which means prime is down as well. As a homeowner if you have a HELOC tied to prime then your monthly payment will go down by 0.75%.  Be aware that this cut does [...]