Federal Reserve Drops Interest Rate

The Federal Reserve has cut a key interest rate by one-quarter of a percentage point to 4.25 percent. It's the third rate cut in three months.

The move is part of an effort to keep the country out of recession.

Fed officials signaled that further cuts are possible if a severe downturn in housing and a crisis in mortgage lending get worse.

Tonight at six, we take a look at how the interest rate drop will impact the housing market here in Eastern Carolina.

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