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Wilmington's On Sale

WILMINGTON - Bad news from Wall Street may mean good news for people shopping for homes or new mortgages.  The move to cut interest rates has local mortgage brokers bracing for a boom in business.

"Act now, or forever hold your peace.  Wilmington's on sale, lowest interest rates in years," said Michael Lopez of Alpha Mortgage.

The Federal Reserve cut the interest rate by three quarters of a point, which is a drastic drop.

Lopez says the drop should make for a booming market for home sellers and buyers.

Mortgage rates are at their lowest since 2003 at 5.5 percent.

Bankers at the Federal Reserve hope business will start to pick up.  They want home shoppers to stop looking and to start buying.

Lopez says the interest rates haven't settled yet, and it's hard to predict what the mortgage rates will do.

World markets haven't moved this quickly since September 11^th.

Reported by Kelli O'Hara

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