In view of a weakening of the economic outlook and increasing downside risks to growth, the Federal Reserve board on December 16th dropped the target short-term interest rate, to .25%, the lowest level in history. This basically means that banks can borrow money from each other at relatively no cost.  This now pushes the Fed’s … Continue reading Fed Slashes Key Rate to Near Zero

“I KNEW THE RECORD WOULD STAND UNTIL IT WAS BROKEN.” -Yogi Berra. And while last week’s Jobs Report wasn’t the worst record breaker of all time, it showed a loss of 533,000 jobs during the month of November, which represented the most job losses the US has seen in 35 years. And adding more pain … Continue reading Your Chicagoland Mortgage Market Update – 12/8/08