Interest rates are paused — for now. Here’s what that means for homebuyers and those looking to refinance.
The benchmark interest rate range will remain unchanged this month. That was the big economic news revealed on Wednesday after the that it was keeping the range — already at — the same. This is the second time in a row that the Fed has left rates paused following 11 consecutive increases (they didn’t move it in , either).
«The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,» the Fed said in their Wednesday announcement. «In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy.»
Higher interest rates have led to elevated borrowing costs for everything from credit cards and personal loans to and . But what does the rate pause now mean for homebuyers and those owners looking to refinance their existing loans? And what should both parties do, if anything?
Check your mortgage rate options here to see what you’re eligible for.What the Fed rate pause means for mortgages
While the Fed rate pause won’t necessarily help homebuyers and those looking for a refinance, it won’t hurt them either. And in today’s economy that’s a (small) win.
