I am not kidding when I say I have been getting about 10 letters a day in my mail telling me I can save hundreds to refinance. I know rates have come down since I last refinanced, but I wonder if they will go lower. They Feds meet Sept 20th at which time they are expected to raise its benchmark interest rate.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, joined a growing list of Fed officials arguing that the economy was strong enough to justify an increase in borrowing costs. He called for a “serious discussion” at the September meeting.
I personally think the unsurety of the upcoming election will delay any increase. But pressure continues to build for a rate increase before the end of the year.
Fed officials insist they will not consider the political consequences of increasing rates. They may, however, hesitate to act before the November election out of concern for the economic consequences of political turbulence, the same way they hesitated before Britain’s referendum in June on its membership in the European Union.
Quotes taken from New York Times by Binyamin Applebaum – 9/15/2016