In a surprising move, the Federal Open Market Committee, or FOMC, lowered the Federal Funds rate by 0.25%, from 2.25 to 2.00, reversing last December’s rate increase of 0.25%.

The Federal Funds rate is the rate that banks charge one another for overnight lending, and while it isn’t directly tied to your standard 30-year fixed mortgage, it does hint that the FOMC believes the economy is booming and will continue to do so several months down the road.

And what does a healthy economy mean? You guessed it—lower interest rates on home loans.

Now is the best time ever to apply for a mortgage loan. Are you ready to be a homeowner? Apply today.

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