Fed vows to keep Interest Rates low until 2014
Fed Vows to Keep Rates Low Until 2014
The Federal Reserve announced that short-term interest
rates will likely stay near zero for nearly three more years, a move that is
expected to spillover to long-term mortgage rates for home buyers and home
owners.
In August, the Fed had made a rare move to say it would
keep rates near zero until at least mid-2013. The Fed said Wednesday that the
economy still needs more help and it will now extend that period to 2014.
Fed Chairman Ben Bernanke said in a news conference that
the Fed isn’t happy with the modest economic recovery and that the Fed may need
to take additional steps to spur recovery. He did not comment further on what
those steps might be, though.
While the economy has improved somewhat in recent weeks,
Fed officials say it’s worried about “strains in global financial markets” and
the still high unemployment rate.
Some critics say that the Fed’s vow to keep mortgage
rates longer won’t do enough to help the economy and the housing market. They
argue that too many Americans are already unable to take advantage of the
record low mortgage rates because of the tightening of lending standards.
Bernanke shared that concern, saying that millions of
home owners were unable to refinance because of damaged credit or being from
underwater in their homes.
http://realtormag.realtor.org/daily-news/2012/01/26/fed-vows-keep-rates-low-until-2014
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