The Parrish Family is Growing

It's been awhile since I've posted on my blog--something I swore to myself I wouldn't allow to happen. It's been a very busy fall for me. And in addition to working a lot, I've been trying to stay in touch with my growing family back in N.C.

On October 3, 2007, we welcomed my 1st nephew, Noah James, into the world. He's the first child for my twin sister and my first nephew. He was about 8 pounds and 21 inches long and he, mom, dad, and grandparents are all doing well!

Fed Lowers Federal Funds Rate

On Wednesday last week, the Fed lowered the federal funds rate by a quarter point which prompted several commercial banks to lower their prime lending rate--the rate charged on credit card, home equity lines, and other types of loans--to 7.5%.

The prime lending rate typically has implications for rates on first mortgages and refinancing rates. A decline in one usually signals a decline in the other. We will have to watch mortgage rates closely over the next several months to see if banks reduce those rates as well.

Based on statements made by the Fed, this will likely be the last reduction in the federal funds rate for this year.