Federal Reserve Increases Interest

For the first time in seven years the Federal government has approved an increase in mortgage rates. According to The Wall Street Journal, “The Federal Reserve will be ending a seven-year experiment with having almost zero interest rates by raising its benchmark rate. Their plan is to slowly raise the rate over the next three years. The first rate increase won’t dramatically impact things immediately, but more rate increases are likely over the next several years. An average family may pay an additional $532/ per year on the life of the mortgage.

Read more at the link below:

http://www.wsj.com/articles/fed-raises-rates-after-seven-years-at-zero-expects-gradual-tightening-path-1450292616