Mortgage Rates Remain Steady
Last week the Federal Reserve held interest rates steady, which extends a yearlong period of stability that has positives for certain home equity lines of credit and other loans, currently at 8.25 percent.
Investors long for an interest rate cut. But many economists believe the Fed may keep rates right where they are through most – if not all – of this year and the economy is still feeling the impact of the housing slump.
The Fed renewed its warning that underlying inflation remains “somewhat elevated.” Fallout from the housing slump was key factor to slowed economic growth.
Predictions are that rates will remain where they are through the rest of this year. Some other economists think the Fed could cut rates later this year if the economy shows signs of faltering and the unemployment rate keeps climbing.
For more information on the current Real Estate Market contact Debra Wingo of The Selby Group. 407-482-8225