Philadelphia, PA -- (SBWIRE) -- 05/01/2020 -- Back in March, the Federal Reserve made two rate cuts that were integral to the central bank's overarching efforts to protect the economy from further damage as a result of the COVID-19 pandemic. Rates on fixed-rate mortgages and home equity lines have fallen since the Federal Reserve pledged to buy billions of dollars' worth of mortgage-backed securities (MBSs) and cut short-term rates. This action impacts prospective homebuyers and homeowners looking to refinance.
Just shy of two weeks after a reduction of half a percentage point in interest rates, the Fed announced a cut of a full percentage point — setting a target federal funds rate to a range of 0% to 0.25%. These reductions are designed to help stimulate the economy when the worst of the pandemic is over, and individuals return to work in a fuller capacity. This tactic, known as quantitative easing, ensures lenders have money available for homebuyers and refinancers to borrow. From mid-March to mid-April, fixed mortgage rates fell less than .5%
Those looking to refinance split into two classifications, including homeowners looking to refinance for a higher degree of financial security and homebuyers eager to take advantage of lower interests to make their first step on the right foot.
For those looking to refinance but have poor credit, they must partner with a credit repair company that will help boost their score and also take advantage of the currently lowered interest rates. To learn more about the company's credit counseling services, reach out to Quality Credit Repair today.
About Quality Credit Repair
Quality Credit Repair works to help clients better their credit score and ensure they receive the most accurate credit reports. Their dedicated and highly trained consultants have over 20 years of experience resolving credit-related issues. They will review a client's credit report and highlight areas that are harming the scores. The consultant will also layout changes the individual can make to better their credit. The company helps build credit by recommending the opening of secured accounts with certain, trusted lenders. Their services are available to clients anywhere in the country.
For more information, please visit http://www.qualitycreditrepair.com/.