MORTGAGE RATES NEAR HISTORIC LOWS
The Federal Reserve signaled it would keep short term interest rates at current levels at least until midyear. June remains a possibility for a rate increase depending on how the economy and financial markets are in the weeks and months ahead. Residential mortgage rates are near the lows reached nearly 2 years ago and are about 1% lower than this time last year. We expect rates to increase prior to the Fed’s announcement as traders try to anticipate when the Fed will announce the increase. This is a great opportunity to take advantage of these low rates as we don’t think they will last long.