FED RESERVE: September Rate Hike Likely!
For several months the Federal Reserve has been trying to prepare the public for their first possible rate hike in years. Their wish may finally come true in September.
This past week, William Dudley, president of the Federal Reserve Bank of New York, stated that an interest rate hike will be “very much in play” at the FED’s meeting in September.
If you are looking to buy while the rates are still at historical lows, this summer is a great time to do it. Lots of changes in the housing industry coming our way.
CFPB Delays New Mortgage Rules to October 3rd
The Consumer Financial Protection Bureau (CFPB) is delaying the implementation of the new mortgage disclosure rules for three more months, from August 1st until October 3rd.
In my last posting, I talked about the new “Know Before You Owe” mortgage rules. These are some of the biggest changes the mortgage industry has seen in decades. Check out my posting here: New Mortgage Rules
Apparently, as lenders started testing the process with the new integrated disclosures their systems crashed. Many are expressing a sigh of relief with the extension.