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Interest rate hike - Myrtle Beach Real Estate - 843 REALTOR

By
Real Estate Agent with 843, REALTOR

As most people are probably aware the Federal Reserve has increased interest rates today. The interest rates raised from 1.5% to 1.75% and that is the highest level since 2008.

The interest rate change is the 1st major move under the new Chairman of the Board of Governor's of the Federal Reserves Jermone Powell. The new statements from the Federal Reserves implies the market to expect 2 or 3 more rate hikes in 2018. The Federal Reserves is expecting unemployment rates to drop this year between 3.8% to 3.6% and the GOP tax cuts to further boost the economy.

The Federal Reserve interest rate of 1.75% is the money the Federal Reserve lends to banks and not the interest rates that borrowers receive.

From what I have seen today the interest rate from lenders remained unchanged to the consumers on a 30 year Mortgage since larger banks already factored in the expected increase from the Federal Reserve. You can expect to see interest rates on the rise over the next few months to anticipate the other rate hikes the Federal Reserves says it will make this year.

Today's DOW stock market was down as much as 430 points on this and other news.

As Real Estate Agents we will all be watching the moves from the Federal Reserve this year and advise our buyers and sellers about the extra cost to purchase a home. While interest rates are overall extremely low home-buyers have been spoiled with interest rates ranging from 3.5 to 4.25 for a few years. Veterans of the real estate market can remember interest rates much higher over the years.

 

If you are looking to buy or sell a home in Myrtle Beach SC give one of our Myrtle Beach Real Estate Agents a call Toll Free 888-935-8862 or visit us on the web www.843realtor.com 

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