Fed Hikes Up Rates. Again.

In a move that was far from surprising, the Federal Reserve raised Fed Funds by 25 basis points this week. It was the 15th consecutive increase.

“This increase takes the overnight lending rate higher than rates on 10-year Treasury bonds. We won’t know for some time whether the Fed’s current course of action is warranted,” said Bob Walters, chief economist for Quicken Loans. “However, it’s likely that, whether the economy slows or not, the persistence of the Fed will be good news for long-term mortgage rates.”

Walters also pointed to another results of the Fed’s actions. Home owners will now have an easier opportunity to refinance adjustable Florida home loans. While these rates may have treated individuals well for the last five years, safer, fixed Florida home loans are now a far safer bet.