CALABASAS, Calif.--(Business Wire)--
Today, the Federal Reserve kept the target Fed Fund's rate steady
at 2.00%. The Fed Fund's rate is the overnight rate of interest at
which Fed Funds are traded among financial institutions. These loans
are used to fulfill Federal Reserve minimum funding requirements.
While this decision was made to calm the market, rates have been
moving somewhat unpredictably as of late. Informa Research Services,
Inc. recommends consumers use the Internet to ensure they get the best
rates no matter what the rate environment is like
(http://moneycentral.msn.com/loan/loan.aspx?iType=1).
Mortgage rates are not directly linked to the Fed Fund's rate, but
historically, they tend to correlate over time. However, as of late,
this has not been the case. Thus, the Fed Fund's rate may not be the
best tool to anticipate mortgage rate movement right now. By checking
rates regularly, consumers can familiarize themselves with rates and
get a better sense of rate trends.
Interest rates on non-promotional deposit products may not have
been at their highest prior to the Fed announcement, but there are
many promotional offers available that flaunt high rates. Checking
online rate tables regularly will ensure consumers find the highest
annual percentage yield (APY) for a savings product of their choice.
Regardless of what you hear in the news, one way for consumers to
get a feel for the rates in the market is to check rates and national
averages online regularly.
Permission is granted to reprint this release in part or in its
entirety as long as source credit is properly listed.
About Informa Research Services, Inc. (www.informars.com)
Since 1983, Informa Research Services, Inc., has provided the
financial industry's most extensive array of market research and
decision-support information.
Informa Research Services, Inc.
James Royal, 818-880-8877
Fax: 818-880-2069
Copyright Business Wire 2008
