December 14, 2016 marked a significant economic event. The FOMC decided to raise the discount rate for the first time in nine years, from the 0-.25% range to the 0.25-0.50% range.
This was expected amidst news of recovery in the labor and housing markets, and is sure to affect interest rates. Home-buyers wondering how this will translate to monthly mortgage payments. For every $100,000 borrowed, a 0.25% increase in a 30 year fixed interest rate corresponds to approximately $14 more per per month, approximately $5200 over the life of the loan. Source: United Brokers Group (UBG) Managing Broker Beth Cheney Cox.
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