The Fed promised, and they delivered.
At their most recent meeting, the Fed moved policy rates up by 0.5%, just as they’ve been saying. Because it was expected, interest rates had moved in advance, including those for home mortgage loans. For the time being mortgage rates eased but they are likely to continue to rise throughout the year.
Background on the Fed:
What this may mean for you:
If you are planning a home purchase or any type of refinancing, including accessing cash from your home’s equity, it may pay to act before further increases. You may want to explore alternatives, such as a lower rate, hybrid adjustable mortgage (ARM) or home equity line of credit (HELOC).
I monitor interest rates and the markets every day. Please reach out if I can answer questions or be of service to you or your friends and family. I’ll be glad to help.