Federal Reserves’ announcement “hold” on rates!

The Federal Reserves’ announcement that it will hold rates as they are until mid 2013 was welcome news to all. The stock market reacted with an initial gain of 429 points. Most of that was lost a few days later and then most of the loss was erased by the 15th of August. Holding the rate at its low rate for two more years should keep mortgage rates near the 4% mark. This is comforting news for those who want to build a home rather than buy a resale home or builder inventory home. This two year “hold” on rates is the first time that the Federal Reserve has put a date to its rates. Normally the FED will fix rates for a period and review the rate at their next meeting. It is hoped that by putting a window out there the economy will be able to relax a bit and not worry about future rate hikes.


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