The Federal Reserve Bank made a long-anticipated announcement on Wednesday to raise the key interest rate by a quarter point. The decision was unanimous. Though modest, the hike indicates growing confidence in the national economic outlook. The announcement suggested that 2017 would bring further rate increases, specifically projecting three raises for a rate of 1.4 percent by year end. What does this mean for prospective home buyers? Time will tell. But, even with the key rate going up for the first time in a long time, financing remains affordable for borrowers. For lenders, higher margins on loans could loosen requirements and create greater eligibility for potential buyers.
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