Wow. If you have a loan tied to the prime rate, adjustable mortgage, HELOC, and the like, you just got a big break. The rate has been steady since 2006 and the drop was way more than expected. $50 billion in ARMs were just about to reset next month and this means a big savings to everyone who was perhaps looking at disaster. The prime, which floats 3% above this rate, is now at 7.75%. This is good news for credit card borrowers and loans tied to this rate as well. If you follow my monthly newsletter and statistics, we weren't doing all that bad. I am expecting a spike in activity across the board in both new listings and sales. Stay tuned for next month's stats and we'll just how the rate drop impacts our market.