Good news for home buyers!

Interest rates will remain low. According to Fed Chairman Ben Bernanke, the Fed is still unhappy with the US economic situation and the Fed fells like they need to take extra steps toward the recovery  effort so, the Federal Reserve announced that short-term lending rates will likely stay near 0% until at least mid 2013. There is debate about whether or not this will help homebuyers since many Americans are not taking advantage of the already record low mortgage rates because of stricter lending standards by banks.

For more, see the related New York Times article.

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