The Federal Reserve released the minutes of it's mid-June meeting last week, in which members expressed concerns that the economy was not stable enough to absorb an increase in short-term interest rates in the coming months.
The meeting which took place on June 14-15, prior to the Brexit vote, shows that the Fed is generally in agreement that a second rate hike is warranted. The last increase by the Fed occurred in December 2015, which marked the first time in nearly nine years that the rates were raised. According to the minutes, there was "uncertainty" as to when the timing for the increase would be appropriate.
The Fed will meet again later this month to evaluate the situation post-Brexit. Market analysists predict the monetary decision makers will again stave off any move. Feds Funds Futures currently place the probability of a rate hike by December 2016 at less than 19 percent.
Meanwhile, conforming no-point 30-year fixed mortgage rates average 3.375 percent while the 15-year rate is near 2.625 percent.
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