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OMAHA, NE (KELO.com) — Consumers are getting a slight break from higher interest rates after the Federal Reserve Board cut short-term rates by a half of a percent in September. Creighton University Economist Ernie Goss expects a quarter percent cut when the Fed meets this week. Part of the reason is the runaway federal debt.
The rates that were cut are on short-term loans-which mainly affect banks. Goss says long-term rates have yet to come down.
Experts surveyed by BankRate.com confirm those expectations, with mortgage rates inching higher toward seven percent late last week.
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