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Average mortgage rates are up to about 4.5% after the Federal Reserve meeting today.
Investors were slightly surprised to hear that six members of the Fed changed their expectation of when and how much the Federal Reserve Rate will be adjusted. Instead of the end of 2015, it is now expected to change in early 2015. This change was enough to cause a change in mortgage rates.
Just to be clear, the Federal Reserve Rate is not directly tied to mortgage rates, but is a benchmark for investors and secondary mortgage buying and selling markets. Many investors use it as a factor in determining the financial condition of the national economy. A higher Fed rate is not neccessarily a bad thing, but it can be for mortgage rates if investors change their actions based on it.
So if you or anyone you know is on the fence about buying a property, now is the time! Rates are low, but rising, and the market is picking up. Please call or let us know how we can help if you are considering buying or selling property.
Ann Nagel, Broker Associate/Realtor
If you, or someone you know is interested in buying or selling property, please call right away!
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