The Fed concluded their two day meeting at noon today by leaving the interest rates unchanged. There were two big reasons for the decision. One was that inflation is not near the 2% that they want and the other is the financial troubles in China. China’s economy is considered by many to be the 2nd largest behind only the United States. It has had a ripple effect on the economy worldwide . The Fed is expecting these two things to be better in the near future. They will meet again in October and as long as the data on inflation and China’s economy is doing OK, you may see the Fed raising interest rates, but for now we can enjoy the great interest rates that we have now.
I will keep you informed of any new changes in the Market place.
Information provided by Russ Truman, Vice President of Mortgage Lending, Guaranteed Rate 435-512-5027