Last November the 30-year mortgage rate approached 8%, now after the Federal Reserve cut interest rates on September 18, it’s approaching 6%.

Huge increases in wealth and debt levels prevents the Fed from cutting rates as much as it wants, Larry Summers said.

The country’s central bank also freed commercial banks to lend more money in a package of moves aimed at rekindling growth in a stagnant economy.

A handful of Federal Reserve officials on Monday left open the door to additional large interest-rate cuts, noting that current rates still weigh heavily on the US economy.

H omebuyers and homeowners looking to refinance both received positive news earlier this month when mortgage interest rates plunged to their lowest level in two years. That drop w