Interest rates in the U.S. have been at a record low for a long time—nearly a decade, in fact. Many have expected 2015 to bring the first increase in rates.
This month, the Fed announced that it would not be raising interest rates just yet, as had been widely assumed for much of the year. The benchmark interest rate for short-term loans remains at a target level of 0 to .25 percent. Discover what this means for mortgages in both the short- and long-term.