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Interest Rates Stand Until Unemployment Reaches 6.5%

Mortgage News > Interest Rates Stand Until Unemployment Reaches 6.5%
Date: 12/12/2012    Interest Rates Stand Until Unemployment Reaches 6.5%

It was announce Wednesday that the Federal Reserve will preserve already historically low interest rates until the nation’s unemployment rate reaches 6.5% or close to it.
 
The unemployment rate currently sits at 7.7% and is forecasted to reach a level between 6.8% and 7.3% by the end of 2014.
 
The Federal Reserve also committed to having the short-term rate remain until inflation rates reach near 2.5%, higher than the current 2.2%.
 
The hopes of keeping short term rates near zero percent is to “spur economic growth and lower long-term borrowing costs for consumers and corporate,” according to USA Today.
 

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