Federal Reserve Cuts Interest Rates

Last week the Federal Reserve Board cut interest rates by half a percent, a highly anticipated and much discussed move that many hope will improve the "housing crisis."

The half-percent discount is a big move that will help the first-time buyer in a price-sensitive market. Although 100 and 90 percent financing is hardly seen since lenders tightened restrictions, prices are still on the high side and that half a percent cut will seriously reduce the monthly payments for many buyers.

First time buyers, you still have an opportunity to buy!