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Fed hints at looming December rate hike

Sep 22, 2017
The Federal Reserve recently voted to leave its short-term rates unchanged, but it did indicate that a rise to its short-term interest rates is likely on track for later this year. 

The Fed kept its key rates near zero for seven years. But since 2015, it has gradually raised rates by a quarter of a percentage point four times. Most recently it raised rates in June at a range of between 1 percent and 1.25 percent. 

NAR Chief Economist Lawrence Yun predicts that the 30-year fixed-rate mortgage may rise to slightly above 4 percent by the end of the year, and may reach just 4.7 percent by the end of 2018.

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Featured Content

Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

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