This Mortgage Tip is brought to you by: Jefferson Lewis Board of Realtors, Northern Credit Union, and Personalized Real Estate Solutions.Recently the Federal Reserve System, known as the Fed, cut its target interest rate tozero percent. What is the Fed and what does it mean for you? Hi, I’m Lance Evans from the Jefferson-Lewis Board of REALTORS®. The Fed is the US Central Bank. Congress established it in 1913 with three key objectives - maximizing employment, stabilizing prices, and moderating long-term interest rates. The federal funds rate is the interest rate lending institutions charge each other to borrow money. By cutting the rate to zero, the Fed is trying to make it less expensive for you to borrow money for a mortgage and to help you to Dream It, Live It, Own It in Northern New York. Brought to you by Northern Credit Union. Have you considered refinancing your mortgage? Now is the best time to refi your home to lower your interest, shorten your term, or lower your payments. Call315.777.8910 or visit www.my northern .com to learn more.