The Federal Reserve announced today that they will not be raising interest rates. Federal Policy makers voted 9-1 to keep the short term interest rates near zero, where they have been for nearly seven years, due in part to low inflation and slow growth abroad. Although mortgage rates are not directly related to the short term borrowing rate set by the Fed's, the two indicators tend to correlate over time.
What does this mean for you? The cost of borrowing money doesn't get much cheaper! Interest rates will remain at an all time low so if you're thinking of buying a home for yourself or as an investment, now is a great time to buy!
