If you’d like to live in Portland and are starting a search for the right Portland property, you might want to decide sooner rather than later. Because of the continuing health of the economy, the Federal Reserve has raised the interest rate that banks charge each other for short term loans by a modest 0.25%. The increase will also impact interest rates for credit cards and mortgages, among other financial tools. This is the first rate hike since 2006 and shows the confidence the Fed has in the strength of the economy’s recovery.
This will not be a huge burden for mortgage payments. Most experts agree that the hike will help to slow price gains that have lead to a highly competitive market, especially for mid-priced homes. Many hope that this will lead to more price normalization. Experts also predict that this hike is probably the first of several small increases the Fed will make in the coming year.
At Turner Realty, we love to help people achieve their dreams of home ownership and live in Portland, with all its natural beauty and quirky culture. For help with finding the right home for your life, feel free to contact us. We’d be happy to discuss your plans and what the rate increase will mean for you.