Feds may not raise interest rates

Fed’s message on interest rates is a boost to the housing market

Federal Reserve Chairman Jerome Powell said the Feds would be “patient” in evaluating the health of the economy given “Global economic and financial development and muted inflation pressures.”

All this fancy talk means that the federal government may not raise interest rates this year to protect the economy.

Whether the decision is financial or political, the hint could mean borrowing will continue to be attractive, and the housing market will benefit from that.

The average 30-year rate for mortgages is still under 5%. This year will be a good year to buy a house or sell property.

If you are in the market of buying and selling, please give us a call at 313-819-0101.

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