“Should I buy or should I wait?”
Well, the Atlanta Federal Reserve has spoken….and there is almost certainty that interest rates will rise at some point in 2015.
In an address to the Rotary Club of Atlanta, Federal Reserve Bank of Atlanta President and CEO, Dennis Lockhart summed it up in the first remarks of his speech….
As I look back on 2014 and look ahead to 2015, I can comfortably assert that, more and more, the U.S. economy is hitting on all cylinders. The recovery that began in 2009 is well-advanced, and we are getting closer to a point where the Fed’s Federal Open Market Committee (FOMC), the body that formulates monetary policy, can begin a process of normalizing the interest-rate environment. That process will begin with so-called “liftoff”—that is, the first increase in the policy rate.
So, perhaps we might want to jump off that fence….a minor increase in interest rates can change what you might qualify for in your mortgage!!!