Interest rates are paused — for now. Here's what that means for homebuyers and those looking to refinance.
The benchmark interest rate range will remain unchanged this month. That was the big economic news revealed on Wednesday after the Federal Reserve announced that it was keeping the range — already at a 22-year high between 5.25% and 5.50% — the same. This is the second time in a row that the Fed has left rates paused following 11 consecutive increases .
So while an 8% rate may not seem like a great deal, particularly when stacked against the sub-3% rates that could've been secured just a few years ago, it will still be advantageous when compared to a possible 8.50% or 9% rate that could be coming soon.See what mortgage rate you could potentially lock in here now.
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