What the Fed Rate Cut Really Means

With the last rate cut, which the Fed has strongly implied will be the last of the year, a few unpleasant changes have since taken place. Namely:

• ING's savings rate has dropped to 4.20% APY; and
  
• WaMu's savings rate has dropped to 4.75% APY.

However, for some, the rate cut is great news. So, send my regards to the mortgage shoppers - including those interested in refinancing their homes - and new HELOC borrowers...it's time to take advantage!