Recent news of Silicon Valley Bank and Signature Bank collapse has caused investors questioning the US economy. Fed increased the overnight fund rate for another 0.25% on March 22, 2023 which marks the highest point since September 2007. Here is the complete press release from Federal Reserve. Federal Reserve Board – Federal Reserve issues FOMC statement
What happens with mortgage interest rates today? The announcement provides a moment of relief for many lenders who have increased the mortgage rates prior to the Fed meeting on March 22, 2023. After the statement from Fed, lenders have moved mortgage rates lower across the board. There are still many data that will impact how interest rates determined and which direction it will go.
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