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Market News

       The Federal Reserve began a two-day meeting yesterday that was expected to end with a small interest rate cut that could be the last in a string of reductions dating to mid-September.

The U.S. central bank opened its policy-setting meeting at 2 p.m. EDT, a Fed official said. A decision on rates is expected to be announced about 2:15 p.m. today.

Financial markets widely expect the Fed to lower benchmark overnight rates by a quarter-percentage point to 2 percent, which would the lowest since December 2004, and offer a hint the rate cutting may be at an end. Interest rate futures prices implied a small probability the Fed could leave rates unchanged.

Today's Rates
Product              Rate              APR
3/1ARM                          *5.250%               *5.328%
5/1 ARM                         *5.375%               *5.460%
15 Yr. Fix.                       *5.500%              *5.578%
30 Yr. Fix.                       *5.875%              *5.953%
*Rate is based on 20% down payment
*APR is based on $250,000 loan amount