The Puget Sound Business Journal's Ashley Stewart reports that for the first time since the recession, the U.S. Federal Reserve will increase interest rates by .25 percent. In the statement released by the Fed, "bank officials cited job gains and declining unemployment as strong indicators of economy recovery."
So what does that mean for homeowners? Despite an increase in mortgage rates, the article says that "the rise in rates isn't likely to deter most homebuyers." In addition, the broader economy will likely not feel too great an impact, given that "Washington's economy relies increasingly on technology, and the industry will be mostly unaffected by a rate hike. Startups - a big part of the local economy - are mostly funded by venture capital sources not subject to interest rates."