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Public Service Announcement
about YOUR Finances
Yesterday the FED increased rates again for the 9th time in the last 12 months.
The Federal Reserve increased rates by 0.25% at their most recent meeting, despite some predicting a pause in rate hikes.
Here’s why the Fed kept pushing forward.
The Fed statement released after the meeting indicated economic signals, including continuing inflation and the strong labor market, warranted the rate hike. Despite the recent bank failures you might have seen in the news, the Fed expressed confidence in the U.S. banking system. The Committee signaled that some additional rate increases might be appropriate before inflation is brought down to the Fed’s target range of 2.0%.
Please note: Mortgage rates are impacted by market forces beyond the Fed’s actions and will not necessarily change at the same pace as the Fed makes its moves. In fact, they often shift before the Fed acts in anticipation of the expected changes.
Should the Fed’s news change your planning and future?
If it’s time for you to make a purchase, DON’T let rates stop you!
Let’s find a way to work within the framework of the current market environment and make a long term decision. As people that bought houses in the 1980’s have often told me: We bought houses with an 18% interest rate. What they are missing is that today we have the double whammy of price appreciation AND high interest rates. It makes it tough, but NOT un-achievable! You have options like a rate buydown, hybrid ARMs, and even HELOCs can help.
Background on the Fed:
- The Fed controls the federal funds rate and discount rate, which are charges for overnight loans from bank to bank or from the Fed to member banks.
- The rate was lowered near to zero in March 2020 in response to the historic pandemic. These drastic measures are now being reversed.
- This is the 9th interest rate increase since March 2022.
Don’t let interest rates hold you back from making a move and getting from here to home! Let’s talk about your goals and how to achieve them!
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Public Service Announcement about YOUR Finances
Learn how the recent 9th interest rate increase by the Fed affects you and your future planning. Discover the reasons behind the rate hike, how it impacts mortgage rates, and options for dealing with high interest rates.