For the first time in nearly a decade, America’s interest rates have seen an increase.
The rate hike is a small one—with the Federal Reserve raising rates on December 17, 2015 from a range of 0% to 0.25% to a range of 0.25% to 0.5%—but will have an impact on many new home buyers.
Although the increase isn’t a welcomed change for investors and home buyers, it’s a good indicator of the economy healing and becoming stronger since the Great Recession. Thankfully the unemployment rate is now at 5%, as opposed to 10% in 2009 during the worst of the job crisis. Now that more than 12 million jobs have been added since the recession and wages are finally beginning to creep upward, the economy is looking much better than it has the last few years.
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