Even with rising rates, My1stHomeRebate.com is here for you. Here are some leading articles about the rate hike as well as a couple of videos detailing what this means for the consumer and the housing market. PLUS – You need to check out the world’s best RENT vs. BUY calculator located here: RENT vs BUY CALCULATOR
Bloomberg – The Federal Open Market Committee unanimously voted to set the new target range for the federal funds rate at 0.25 percent to 0.5 percent, up from zero to 0.25 percent. Policy makers separately forecast an appropriate rate of 1.375 percent at the end of 2016, the same as September, implying four quarter-point increases in the target range next year, based on the median number from 17 officials.
Washington Post – The unanimous decision will nudge the central bank’s benchmark interest rate up from near zero by a quarter of one percent to a range of 0.25 to 0.5 percent. The move is small, but it amounts to a vote of confidence that the American economy — dogged by volatile oil prices, a slowdown in China and weak global growth — will stand resilient. But the Fed also pledged to wean the nation off its stimulus slowly, an acknowledgement that further progress is not guaranteed and that the central bank is operating in uncharted territory.
Reuters – The rate hike sets off an immediate test of new financial tools designed by the New York Fed for just this occasion, as well as a likely reshuffling of global capital as the reality of rising U.S. rates sets in. The impact on business and household borrowing costs is unclear. One of the issues policymakers will watch closely in coming days is how long-term mortgage rates, consumer loans and other forms of credit react to a rate hike meant not to slow an economic recovery but nurse monetary policy back to a more normal footing.
What does it mean for you!
Chris Weymouth, Director/CEO
The Weymouth Group of Keller Williams Realty Centre