Somers Point, NJ--Known for its annual popular Bayfest in the spring season,(which is cancelled this year because of public safety concerns of the corona virus pandemic),
FEDERAL RESERVE Leaves Interest Rates The Same. Economy Moving. By Gary Simmens
Interest rates for homebuyers and investors are fabulous, and the interest rates are staying the same today. As things continue to improve, watch for possible rate hikes. The U.S. economy keeps chugging along but overseas risks continue to hover, and that’s helping keep the Fed in wait-and-see mode.
As widely expected, the Federal Reserve held interest rates steady today Wednesday 01/29/2020, following through on its vow late last year to stand pat barring a “material” change in its outlook.
In a statement after a two-day meeting, the Fed said it would leave its benchmark federal funds rate at a historically low range of 1.5% to 1.75% after cutting it by a quarter percentage point three times last year amid trade tensions and sluggish global growth that increased the risk of recession.
Fed Chair Jerome Powell has said the so-called insurance cuts kept the economy on solid footing and no further decreases were needed unless the outlook darkened.
In its statement Wednesday, the Fed said “the labor market remains strong” and “economic activity has been rising at a moderate rate.” This is fabulous news for buyers and sellers and the construction industry. The Northeast area of the US will have the spring home selling season start early this year with the fabulous low rates and refinances remain in demand.
Licensed since 18 years young, and a broker honors in NJ since his early 20`s, Gary has now, over 44 years experience, diversified in all aspects in real estate, including owning two offices and ma....
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