This week, the Federal Open Market Committee held its monthly meeting to discuss the state of the nation’s interest rates. According to Janet Yellen, Federal System Chair of the Board of Governors, the Committee decided to forgo raising interest rates to help the U.S. market recover from the impact of Brexit. In fact, the Federal Reserve may even wait out raising rates until after the election.
“The Fed may stay on the sidelines until after the election so they cannot be characterized as impacting the election in any way,” reported John Roberts, Senior VP and Director of Research at Hilliard Lyons. “Recent economic statistics have been ambiguous enough to provide the Fed cover for such inactivity.”
With this month’s low interest rates, it’s therefore a great time to refinance your mortgage or move to making that purchase you may have been considering. For more information, contact one of our mortgage specialists today.