In one of our recurring posts on the state of the lending markets, we take a look at the current 30 fixed rate, and the role that the Federal Reserve may have in moving that rate upwards.
Below is a chart showing the 30 year fixed mortgage rate for the past 10 years. A period of relative stability may be about to end as the Fed winds down its Bond Purchasing program (Quantitative Easing is set to end in October), and also takes a look at changing the rate at which banks can borrow money which they in turn lend. In essence, the era of free money that was designed to help grease the wheels of the economy and lift us out of the great recession, is coming to a close. While rates still remain historically low, change appears to be on the horizon.
The Fed added some noise to this discussion today
Want to learn more about current lending rates and what they might mean for your home purchase? We suggest contacting one of our lender members below!