Thinking of buying a home? Are you on the fence about taking out a loan? You may still have several years to take advantage of historically low interest rates.
In a speech Tuesday, Federal Reserve Bank of New York President William Dudley laid out three key reasons why the Fed may keep its short-term interest rate — the federal funds rate — below historic averages for the long haul. That rate is important, because it impacts rates for mortgages and loans.
Listen up, because Dudley is a top decision maker at the central bank and closely aligned with current Fed Chair Janet Yellen.