Are we in the last year of extremely affordable interest rates? Comments from Janet Yellen may suggest that is the case. If you are looking to buy a home in Scottsdale or Phoenix Arizona you don't want to let this era of affordability slip away. Please read below!
Stocks began the morning slowly risiing as traders were wary of the changes impending at what is now Janet Yellen's FED. As suspected they did in fact decide to abandon their use of the unemployment rate for measuring the need to increase or decrease their accommodative spending. The new decsision on that and whether to raise core interest rates will be based on inflation and other news on the economy. When a reporter asked Yellen how long after the taper ended would she raise interest rates, she said something to the effect of about 6 months. With the taper expected to end in the October to November time frame, interest rates could be heading north in May or June. Buckle your seat belts!! The Dow closed down 114 points on the news.