What a Fed rate hike could mean to mortgage borrowers

This week's expected rate increase by the Federal Reserve should not cause home buyers to panic, if history is any indication.Back in the early 2000s, after the tech bubble burst, the Fed dropped its benchmark rate to 1 percent. Then in the summer of 2004, it began raising it by a quarter percent. At the time of the central bank's first increase, the interest rate on a 30-year fixed-rate mortgage was around 6.3 percent. During the next four months, it dropped to 5.7 percent.Read full article >>...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

from Around The Web http://ift.tt/1RNbvWV
via IFTTT