Ok, I really don't have any power but if you believe recent news, interest rates will not rise soon. The Federal Reserve Board Chairman Ben Bernanke reassured Congress on Wednesday that the Fed has no plans to raise its interest rates anytime soon.
“The federal funds rate is likely to remain exceptionally low for an extended period,” Bernanke told the House Financial Services Committee."
“The federal funds rate is likely to remain exceptionally low for an extended period,” Bernanke told the House Financial Services Committee."
Sounds great and should ease fears for home sellers who will not be ready to sell their homes by Arpil 30th. The fear has been that magically in May, mortgage rates would start increasing thus decreasing home buyers purchasing power. Fewer buyers for your home means lower price.
It is good to see that the Fed has no plans on raising rates.
Let us know what you think or add to our blog by writing a comment.
Blog post written by the Dowell Taggart Team of RE/MAX Best Associates
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