Fed bumps up rate banks pay for emergency loans – Yahoo! Finance.

So if all of you are watching the market, you all better pay attention to this. The Federal Reserve just announced this morning they are raising the bank rate .500%.

This is going to effect the market, combine this with the fed dicountinuing the purchasing of mortgage backed securities in the next 30 days, you can almost gaurentee consumer rates “Interest Rates” for mortgages to go up. All of you that are on the fence this is the part where we scream at you and tell you, in a couple months you will be upset when interest rates are a full point higher.. So good luck..

Let us know if you want any more info on the announcement. Also a reminder to you all. The tax credit for new home buyers expires on April 30th.. Time is against you..