A couple of weeks have passed since the Federal Reserve raised its benchmark interest rate by a quarter point, or 0.25 percent. It’s the fourth time since December 2015 that the Fed has raised interest rates. Projections are that the rates will be increased at least one more time in 2017. The good news behind that is that it means the economy is much healthier. And, despite the increases, the rate is still extremely low by historical standards. But what does it mean for home buyers?
First, don’t panic! While the rate increase will raise borrowing costs for consumers (ie. home buyers) and may impact the price of the home you can afford in order to maintain a monthly mortgage payment that’s within your budget, it doesn’t mean you have to reconsider buying your new home. There are many more factors to consider–such as the trends and sales data an experienced and licensed real estate agent can provide. REALTORs act in their client’s best interest to get them the best deal possible–giving you the information you need so you’ll know what to expect and not be caught by surprise. Let our #1 team help you maximize your purchasing power. Contact us at firstname.lastname@example.org today or check us out at www.PetersenPartners.com.