Fed Holds Interest Rate Steady

The Federal Open Market Committee decided to keep its target interest rate unchanged during its latest meeting, which ended May 1. At the end of last year, the Fed was expecting to raise its rate two to three times in 2019. As of March however, economic uncertainties had halted those plans. The Fed’s rate remains in the range between 2.25% and 2.5%. Mortgage rates may be able to retreat or at least stop increasing in the wake of the Fed’s decision.