At the Federal Reserve’s most recent meeting on May 1st, the Fed voted unanimously to keep its benchmark interest rate in a range of 2.25% to 2.5%. The benchmark interest rate influences the cost of borrowing for mortgages and various other consumer and business loans. Fed Chairman Jerome Powell went on to state that, “The Federal Reserve feels comfortable with current policy and is likely to keep interest rates steady for an extended period of time.” In addition, President Donald Trump has even been pushing the Fed to lower rates, and that a one percentage point cut would be in order. The President has cited low inflation as a key reason for the possible Fed cut to interest rates.
Overall, the economy continues to grow at a solid rate, and with the welcoming news that we will most likely remain in a low interest rate environment for the rest of the year, current homeowners and those looking to buy are reaping the benefits. With the spring housing market in full swing, now seems to be the perfect time to take advantage of these lower rates, by refinancing your current mortgage or purchasing a new home.
Sources:
https://cnb.cx/2IWdGuP
https://on.mktw.net/2PKsaib
By: Jon Iacono