Fed Increases Benchmark Rate at June Meeting
The Federal Reserve approved the second interest rate hike in 2017. The quarter point increase will boost the benchmark rate that impacts everything from mortgages to revolving debt.
Consumer spending is up, GDP growth is solid, and unemployment is expected to decline to 4.3%. Inflation, on the other hand, will likely fall short of the 2% target for this year.
Experts predict one more quarter point increase in 2017. What month that will occur is unknown, but the rate bumps are certainly confirmation that our economy is in a good place.
From a mortgage standpoint, 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.