There has been much speculation on whether the Federal Open Market Committee (FOMC) will raise the interest rate banks borrow at or not. Most of the year it was believed the Federal Reserve would raise the interest rate in the 3rd or 4th quarter of this year. Well this week the FOMC Announced Interest Rates Will Not Increase At This Time, but they will continue to monitor the nations economic condition until conditions are once again favorable to increase the rate.
This will be viewed a good news by most, but I am one who is not so sure this is good news or not. At least it should reduce the speculation about interest rates rising this year.
The news of interest rates remaining where they are is a clear indication all the hoop-la from the current administration about the economy getting better is more of the smoke and mirrors we have come to expect from Washington. also the the news this week of interest rates will not increase, is another clear indication no one can predict what interest rates will do in the future, not even those responsible for increasing them. The only clear sign of interest rates increase is when it finally happens and not a day before.
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George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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