Today’s news from the Federal Reserve is that interest rates, currently 3.250% for 30 years and 2.5% for 15 years will stay at historic lows for the long term. Based on today’s story, see attached, the current unemployment rate of 7.7 % will need to go below 6.5% before the Fed raises the discount rate. This is great for your planning of purchases!! It was just a year ago that the Fed reported that interest rates would be maintained at low rates until late 2013. Now it is a matter of 1.4 million jobs to be created and how long that can take.
