Federal Reserve Announces Quarter Point Rate Increase

As economists widely expected, the Federal Reserve announced a quarter point increase in the federal benchmark interest rate yesterday, citing strong economic activity and labor market conditions. This rate increase, the third hike this year, makes it more expensive for banks to borrow money from the federal reserve.   Consumers around the country can expect banks to pass on the increased costs in the form of higher credit card interest rates, home mortgage rates, car loan interest rates, and student loan rates.

Buying a new home or refinancing a home mortgage in the Atlanta area or anywhere else in Georgia? Contact Peachtree Mortgage Services, Inc. at peachmtg@bellsouth.net or 770.481.0052 to discuss our home mortgage loan options.


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