The Federal Reserve could be closer to raising interest rates, with some economists predicting a move in the first half of 2015 if the parameters set by Fed policymakers are in place.
“It is no secret that the past few decades of widening inequality can be summed up as significant income and wealth gains for those at the very top and stagnant living standards for the majority.”
The U.S. dollar fell to a two-week low against the euro on Wednesday, and stocks rallied, after minutes of the latest Fed policy meeting focused on the downside risks to the economy by a strong dollar.
With lending rates for homes and autos still hovering at historically low levels, borrowers might want to expedite big financing decisions before mid-2015.
His income over the next three to five years is projected to easily blow past the value of his house, which he and his wife purchased for $839,000 in 2004. It is now assessed at $815,000, according to District of Columbia property records.
The most troubling aspect of the report for borrowers compensated under the plan is this excerpt that points to irregularities in the “categories of harm” under which applicants who had qualified for a payout were placed.
“Fixed-rate mortgage rates rose this week following the increase in 10-year Treasury yields being partially fueled by market speculation the Federal Reserve might change its interest rate guidance.”
More than 60 percent of respondents reported that their families were either “doing okay” or “living comfortably” financially, the Fed said. However, one-fourth said that they were “just getting by” financially and another 13 percent said they were struggling to do so.
Borrowers anticipating that mortgages rates would be considerably higher in 2014 may be surprised at the lackluster movement of the 30-year fixed rate thus far, and that’s a good thing. Freddie Mac reports that the 30-year fixed rose only slightly this week to 4.28 percent.
Senior loan officers indicated that they had eased standards on credit card loans, auto loans, and other consumer loans. The report’s finding on commercial loans is one of the most upbeat in several quarters.