The Federal Reserve has left interest rates unchanged while trimming the number of this year’s predicted rate increases from two to zero. The decision to keep interest rates the same — based on a unanimous vote by the U.S. central bank in late March — was somewhat expected, despite earlier projections for rates to increase in Q1. The U.S. central bank chose to keep the benchmark rate in the 2.25 to 2.5 percent range. Since 2015, the Federal Reserve has raised rates nine times, with four of those hikes coming in 2018 alone.
Along with the decision to leave interest rates intact, the benchmark 30-year mortgage rate recently made its largest weekly drop in nearly a decade, creating a large affordability window for homebuyers as well as homeowners interested in refinancing.
All these changes have occurred just as the spring homebuying season has kicked off, making now an excellent time to purchase a new home or refinance your current home and save on monthly payments. If you would like to discuss your options, call me today!
Tags: Interest Rates