Real Estate

What the Fed’s near-zero rate policy means for your wallet


Although the federal funds rate — which is what banks charge one another for short-term borrowing — is not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day.

The Fed’s historically low borrowing rates make it easier to access cheaper loans, but also make it less desirable to hoard cash.

Here’s a breakdown of how consumers can take advantage of these easy monetary policies while they last.

Borrowers get a leg up

For starters, homeowners have an unparalleled opportunity to refinance or take some money out of their houses at record-low rates.

The average 30-year fixed rate home mortgage is around 3.04%, the lowest since February,…


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