Wednesday, February 1, 2017

Mortgage Rates Remain As Is After February Fed Meeting

Following a two-day policy meeting, the Federal Reserve leaves the short-term interest rates unchanged.

The decision came as the economy shows signs of improvement. Unemployment is at 4.7%, and inflation is moving closer to the Fed’s 2% target. Oil prices are stable, and consumer confidence is at a 15-year high. All of this optimistic news is the perfect recipe for a rate increase.

While investors predict that the March meeting will also pass with no change, we can expect some rate movement in 2017. Three quarter-point increases are anticipated by year-end, which still leaves benchmark rates historically low.

This means it’s still a great time to buy a home and lock in a great mortgage rate. For a custom rate quote, contact us here or at 708-531-8388.

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