The stock market plunged today as Federal Reserve Chariman Ben Bernanke announced that the fed would be cutting interest rates for the third consecutive time by a quarter point.

What does this mean for homeowners? While this won’t be the key to fixing the economy, it does mean the Federal Reserve is on our side:

• Purchasing a home is even more affordable with the new lowered interest rate.
• With a lower interest rate, now is a great time to refinance!
• Home equity lines of credit will now be cheaper.
• Rate resets might not be as severe for borrowers with adjustable rate mortgages

Continue reading about the rate cuts and how this will effect homeowners and our economy.

via CNNMoney.com