After four years of record high foreclosures and inflation rates, the Federal Reserve lowers interest rates.
The Feds lowered the interest rate that banks charge each other by half a percent--from 5.25 to 4.75
That's double the move many economists were expecting.
Steve Marcum, Chief Financial Officer at Citizens Bank, says this means good news for our overall economy.
The cost of that home equity loan will go down. Hopefully new mortgage rates will be better. So all of these signals for folks who need credit will improve," Marcum said.
News of the interest rate cut created an uproar at the stock market.
Within minutes, the Dow Jones soared more than 160 points.
We'll have more on how this decision has already affected people in our community on WBKO at 10..