I asked Sean Barry from Wells Fargo Home Mortgage (here in the Village of Rancho Santa Fe) to give us an update on the recent Fed rate cut:

“We had some good news this last Tuesday compliments of the Federal Reserve (the “Fed”). The Fed dropped the Fed Funds Rate and the Discount Rate by .500%. The drop in the Federal Funds Rate will directly effect consumer debt that is directly tied to the Prime Rate Index. Prime Rate moves in step with the Federal Funds Rate; therefore, Prime Rate moved from 8.25% to 7.75%. This is especially good news to homeowners that have 2nd liens that have floating interest rates - e.g. home equity lines of credit. The Fed’s move does not directly impact mortgage rates, but the rate reduction sends a positive message to the markets since it eases some of the credit tensions that have plagued the mortgage industry for the past month or so. Mortgage Rates are still historically low, and with home prices easing up it may quietly be a great time for home buyers to purchase a home.”

If you have any questions on mortgages, please feel free to contact Sean Barry of Wells Fargo Home Mortgage at (858) 759-2300.

Sean A. Barry
President’s Club 2006
Home Mortgage Consultant
Wells Fargo Home Mortgage
16079 San Dieguito Road, Suite A-1
(Mail Only: P.O. Box 3511)
Rancho Santa Fe, CA 92067
858.759.2300 Direct
877.858.SEAN (7326) Toll-free
858.630.4217 Fax
sean.a.barry@wellsfargo.com
www.seanabarry.com

The Country Friends will be hosting the 52nd annual “Art of Fashion” fashion show this Thursday September 20th 2007 at 11:00am on the lawn in front of The Inn at Rancho Santa Fe. The Rancho Santa Fe Fashion show has always been a very popular event and is one of the largest outdoor fashion shows in the United States. The event will feature boutique shopping, the “Art of Lunch”, wine tasting and of course, the “Art of Fashion” runway show, featuring Gucci, Saks 5th Ave, Fendi, Christian Dior… and many more! For more information and ticket sales please visit The Country Friends website! You can also view the online invitation to the Rancho Santa Fe fashion Show by clicking here: RSF Fashion Show invitation

In addition, you may Use this order form to purchase tickets for any of the “Art of Fashion” events. If you are unable to attend, but you would still like to donate, you can do so at the bottom of the order form. All proceeds from the Fashion show will benefit the Boys and Girls Club of San Dieguito!

The 7th Annual Rancho Santa Fe Art Fair is this Sunday September 9th in the Village of Rancho Santa Fe. The RSF art fair will feature over 150 Artist’s booths and give everyone a change to meet some of San Diego’s finest Artists and see some live demonstrations. In addition you will be able to purchase original fine artwork while enjoying a sunny Sunday afternoon in Rancho Santa Fe. The event will also have live music and a silent auction! The Rancho Santa Fe Art Fair is free to the public and it will be held accross from the “Rancho Santa Fe Properties” office at the Corner of Paseo Delicias and Avenida de Acacias in the middle of town!