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Fed Raises Interest Rates

Feds raise interest ratesBelow is an update on interest’s rates. We continue to see winning offers contain no loan and no appraisal contingencies. Please make sure that you go as far as you can with the right lender through the underwriting process. And, don’t forget to check what the current interest rate is and what that means in terms of qualifying and monthly payments. A good lender will discuss how you lock your rate once you are in contract and they will provide their opinion as to your buying power and at what number you need to prepare for appraisal issues. If you need lending recommendations, we have a few lenders we are passionate about for good reason. We have had tremendous success getting our buyers into contract this year and are finding that the prepared buyer is most successful! We are here to help and answer your questions. Thank you, Dana, Kelly, Andi, Lauren & Todd

Fed Raises Interest Rates
The Federal Reserve announced Wednesday that it was raising its benchmark interest rate by a quarter percentage point for the second time in three months. Fed policy makers had telegraphed the move, which lifts the rate to a range of 0.75 percent to 1 percent, by saying before the two-day meeting that improving employment and inflation data showed that the economy was strong enough to justify raising rates. Some economists had expected the Fed to pick up the pace of its rate hikes, but the central bank’s leaders stuck with their forecast of two more increases this year and three in 2018. “The simple message is the economy is doing well,” Fed Chair Janet Yellen said.

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