Rate Update: Interest Rates Continue to Defy Expectations
At the tail end of last year, a positive economic outlook prompted the Federal Reserve to raise the federal funds rate for the first time since 2008. Since the federal funds rate is closely tied to mortgage rates, everyone began bracing themselves for the rise in interest rates which was sure to follow. However, that expected spike never materialized. In fact, interest rates have defied expectations by falling to levels we haven’t seen in over a year. Initially, the rates did