An update from MSN on today’s cut in the fed rate:

“In a move that thrilled Wall Street and sent stocks soaring, the Federal Reserve cut its key interest rate for the first time in four years in a bid to ensure that the softening economy doesn’t slide into a recession.

The central bank cut its key federal funds rate from 5.25% to 4.75%. It also cut the discount rate from 5.75% to 5.25%. The two cuts were larger than most Fed watchers had expected; they’d seen the federal funds rate moving only to 5%.”

Good news to anyone out there trying to purchase a home!