Wednesday March 21st the Federal Reserve increased the interest rate by .25% from 1.50% to 1.75%.  But what does this mean to you for yoru mortgage?  In a simple answer not very much to you.  What actually happened was the Federal reserve increased their overnight lending to banks by a quarter of one percent.  This means that this is the interest rate that the federal government charges to the big boy banks.

How his does impact you is if you have a Home Equity Line of Credit commonly known as a HELOC.  This increase to over night lending will also raise the prime rate a .25% of a percent from 4,5% to 4.75%.  So if you have a HELOC make sure to pay a little more each month towards the principle.  This will help offset any increase in interest rate to your HELOC.

If you would like to know more or have any questions.  please fill out the information on this page or call Bruce Singer at Vision Home Mortgage.  702-217-5525