The highly anticipated Fed Announcement came this afternoon with dovish hands that will continue to keep interest rates at the level we have seen over the past few months. Back in May, Fed Chairman Ben Bernanke released a statement that Fed's easy money policy was coming to an end sooner than later. Currently $85 Billion of US Treasuries and Mortgage Backed Securities were being purchased monthly by the Fed to keep interest rates at an sustainable level. Job growth has been inconsistent and the Unemployment Rate remains virtually unchanged. (And in some instances the drop in the UE can be contributed to unemployed who just stopped looking for jobs all together!) Basically, the Fed did not get the data it was looking for to support over the past few months to justify a decline in bond purchases and this is welcoming news to any potential home buyers or rate shoppers!
This announcement is a fresh of air to anyone who has been thinking about buying or refinancing and needs to be acted upon!!
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