Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
Fed Leaves Rates Alone, Signals Little Change Ahead ☘ Hoey Team ☘ eXp Realty Florida
Dated: December 14 2019
As the economy continues its record-long expansion, the Federal Reserve voted to leave its key benchmark rate unchanged at its meeting Wednesday. Consumers buying a home or car should continue to see lower borrowing costs as a result. Even though the Fed’s key rate isn’t directly tied to mortgage rates, they do often influence them.
This marked the final Fed meeting of the year for the Federal Reserve. Officials suggested no rate changes for 2020 and projected only one increase in 2021 and one in 2022.
The Fed’s interest rates remain low by historical standards at 1.5% to 1.75% (down from 5.25% before the last recession). Fed officials adjust interest rates in helping to speed or slow economy, when necessary.
With interest rates holding steady, “this is the time to pay down debt and boost savings,” Greg McBride, chief financial analyst at Bankrate.com, told CNBC.
The average 30-year fixed-rate mortgage is substantially lower since the end of last year. Bankrate reports that it is averaging 3.9% this week, down from 4.9% a year ago. Those who purchased their house in the last year will want to consider refinancing into a lower rate, which could save them about $150 a month, McBride says.
As for the Fed, it cut its key interest rate three times this year between July and late October. But the economic outlook remains strong and they are seeing little reason to continue cutting rates.
“Our economic outlook remains a favorable one,” Jerome H. Powell, the Fed chair, said on Wednesday following the meeting. Employment and consumer spending remain strong, and recession fears from six months ago have faded. “With a strong household sector and supportive monetary and financial conditions, we expect moderate growth to continue,” Powell said. “Inflation is barely moving up, notwithstanding that unemployment is at 50-year lows and expected to remain there. We have learned that unemployment can remain at quite low levels for an extended period of time without unwanted upward pressure on inflation.”
Article content from NAR (National Assocition of Realtors) Realtor Magazine and from other sources. If you have questions on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can answer your questions, and are always available to help.
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
“Please Share this and our informational website with anyone who you think the info will help.
Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can.
Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats. Thanks, Barry & Kim ☘”
"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....
Latest Blog Posts
A price increase of almost 20% year-to-year is unheard of – until now. Home prices hit record highs in 19 of the 20 cities included in monthly Case-Shiller reports.WASHINGTON (AP) ;
Today’s market isn’t like the boom-bust cycle leading up to the Great Recession: Tough loan standards are the norm, plus many factors have kept housing supply low.MCLEAN, Va. –
Hello,Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ hope that you and yours are doing good; wherever you are located at this time.Hot off the press