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Federal Reserve works to drop mortgage rates

The Federal Reserve has now moved to lower interest rates even further.

The Federal Reserve has now moved to lower interest rates even further.

The Federal Reserve announced a $600 billion quantitative easing plan, designed to lower interest rates and stimulate the economy, which may help make moving easier for more families.

In a statement, the Fed said that "the pace of recovery in output and employment continues to be slow," and that consumer spending, and the economy overall, was being held back by unemployment and tight lending conditions.

The QE plan, along with current low home prices, could help many moving families afford properties that might have been out of reach in previous months. Lower interest rates translate into lower monthly payments, which could allow many borrowers and first-time buyers to be approved for loan amounts that they may not have qualified for previously.

But the overall effect on interest rates is uncertain, and will be borne out in the coming weeks. Last month, the Mortgage Bankers Association's chief economist said that the group did not expect interest rates to drop significantly, because most lenders had already predicted the Fed's action, and taken it into account.