Fed raised benchmark rate by another .25%. This is no surprise as it was expected. However what was surprising is that they indicated the projected steady increase in 2019 to curb inflation may simmer down some, which translates good for long term rates. Market has dipped some , with average 30 year rates in the 4.625% to 4.75% range.
In other great news, Fannie Mae/Freddie Mac increased the loan limits for conventional loans. The new loan limits in most non high cost areas increase from $453,100 up to $484,350. High cost limits increased as well. For our surrounding counties, FHA loan limits increased some as well, but not as drastically as conventional loan limits. In the Palm Beach County area, where the FHA maxiumum was $345,000, increased slightly to $351,000.
More news to come and exciting things as well!
All the best,