Federal Reserve Rate Hikes Likely to Impact Home Mortgage Rates
On March 21st the Federal Reserve FOMC (Federal Open Market Committee) called for the fed funds target rate range to be increased 25 basis points to 1.50%-1.75%. And policymakers are leaning towards two more rate hikes by year end. The Committee now expects a total of six hikes by the end of 2019.
When it comes to a down payment on your home, are you aiming high or low? The down payment is the number one reason most buyers wait longer than they’d like to buy a home. In fact, many sidelined buyers have the income and qualifications to make the monthly mortgage payment but lack the down payment.
But, there’s also a misperception about 20 percent down. Right now, 44 percent of Americans believe you need 20 percent or more to buy a home but the reality is that, in 2017, about 60 percent of homebuyers financed their purchase with a 6% or less down payment>
