Sometimes, things just have a way of working themselves out. My wife hates when I say that, but in this circumstance it is true. If you read my blog a few days ago, I braced my clients for fees to increase on all conventional loans. But thankfully, the news today from The Federal Open Market Committee drove rates right back down. It’s like the fee increase never happened. Why?
Because the Fed voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent. For the eighth consecutive meeting, the vote was nearly unanimous (9-1 vote).
The Fed Funds Rate has been near zero percent since December 2008. Read the rest of this entry »