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It’s no secret mortgage rates have gone up considerably. In fact, since January 1st, rates have increased more than 2%! It’s the fastest rate rise in several decades. What does this mean for you?
Future Rate Outlook
The FED just raised its overnight lending (Fed Funds Rate) by .5% yesterday, and is saying it still expects to raise rates several more times in 2022.
These rate increases are used by the FED primarily to fight inflation. However, it will be interesting to see how the FED acts moving forward as too many rate hikes or too much aggressive action can also force our economy into a recession.
Contact us if you have questions as it pertains to how rate increases affect you specifically…we’re happy to help!