The Federal Reserve made the (long-anticipated) decision yesterday to raise the federal interest rate for the first time in almost a decade. Today, your e-mail inbox might be overflowing with questions from potential and current borrowers. Here’s a roundup of what the biggest news sources are saying about the interest hike (plus, a tool to help keep potential borrowers informed of what’s going on in the market!)
Tip: Share a few of the links below on your social networks and add your own input. This can spark questions and conversation. Try using a social scheduler to space these out over the next few weeks.
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First up, The Washington Post put together everything you need to know about the interest rate hike. It includes an introduction to who the Federal Reserve is, what they do, and why the fed funds rate was raised yesterday.
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Want to know what’s next for 2016? You’re not the only one. Mortgage lender Lou Barnes says, “We are so impatient. The first rate hike in almost 10 years is now hours old, and we want to know what’s next.” In this article from Inman News, he provides an explanation of the Federal Reserve’s scattergram, along with predictions for what will happen in the next year.
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Do your borrowers need a visual explanation of what happens when the Federal Reserve raises rates? The New York Times shows the ripple effects of this change, courtesy of a Rube Goldberg machine.
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This change affects way more than just mortgages. Yahoo Finance explains how the interest rate hike can impact credit cards, auto loans, savers, and stock investors.
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NBC News goes just a bit further, predicting how the rate hike impacts gold investors, college students, entrepreneurs, and more. It’s good news for some, and bad news for others.
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Bloomberg provides an interactive chart to compare projections between this month and the past few years. They’ve also predicted who the winners and losers of the rate hike will be.
Potential borrowers want to know what’s happening in the lending markets more than ever. What tools do you have in place to keep them informed? If you’re looking for a way to display national data on stocks, bonds, and economic influences to potential borrowers (letting them know when to float and when to lock) then we have the tool for you. Our Daily Rate Lock Advisory page and e-mail campaign will keep them in the loop, and better informed to make the right lending decisions.
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