You should not be surprised to hear that interest rates will be on the rise, but the question has always been when? Based on the recent announcements below, it will be later this year.
Federal Reserve Chair Janet Yellen said Friday the Fed is still on track to begin raising interest rates later this year despite mixed signals from the economy as the nation marks the six-year anniversary of the end of the Great Recession.
“I expect that it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy,” Yellen said during a speech at the City Club of Cleveland.
And reported in international news from England.
‘The era of cheap mortgages is over, warns Bank of England chief: Mark Carney says interest rates could rise within months’.
So now maybe the time to refinance or purchase to lock in the current low mortgage interest rates.
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