Wednesday, December 13, 2017

Fed Increases Benchmark Rate at December Meeting

The Federal Reserve approved the third interest rate hike in 2017. The central bank raised rates five times since late 2015.

The quarter point increase will boost the benchmark rate that impacts everything from mortgages to revolving debt, although the effect on mortgage seeking consumers is far more gradual.

“Homebuyers and homeowners seeking fixed rate mortgages are still in a great position,” states Mike Dulla, president of United Home Loans. “Of course, if you’re in an adjustable rate mortgage, it’s better to refinance to a fixed rate sooner rather than later.”

Experts predict three quarter point increase in 2018. What month that will occur is unknown, but the rate bumps are confirmation that our economy is in a good place.

Even with the increase, rates are historically low. It’s still an ideal time to buy a home and lock in a great mortgage rate. For a custom quote, contact us here or at 708.531.8388.

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