Fed keeps rates low, but brace for the inevitable: Associated Press

WASHINGTON (AP) - Record-low interest rates will be around for at least a few more months, the Federal Reserve made clear Wednesday.

Enjoy the easy money while it lasts.

By mid-2015, economists expect the Fed to abandon a nearly 6-year-old policy of keeping short-term rates at record lows. Those rates have helped support the economy, cheered the stock market and shrunk mortgage rates. A Fed rate increase could potentially reverse those trends.

Mortgages could cost more. So could car loans. Investors could get squeezed.

Fed keeps rates low, but brace for the inevitable: Associated Press

Fed keeps rates low, but brace for the inevitable: Associated Press

WASHINGTON (AP) - Record-low interest rates will be around for at least a few more months, the Federal Reserve made clear Wednesday.

Enjoy the easy money while it lasts.

By mid-2015, economists expect the Fed to abandon a nearly 6-year-old policy of keeping short-term rates at record lows. Those rates have helped support the economy, cheered the stock market and shrunk mortgage rates. A Fed rate increase could potentially reverse those trends.

Mortgages could cost more. So could car loans. Investors could get squeezed.

Fed keeps rates low, but brace for the inevitable: Associated Press

Realtor.com® Report: Healthiest End to Spring Home Buying Season in Three Years!

For the first time in three years, the peak home buying season is bucking its usual slowdown, showing nationwide price and inventory increases, according to therealtor.com® July National Housing Trend Report.

“This is the first time, since the beginning of the recovery, that we expect to see positive momentum throughout the second half of the year,” said Jonathan Smoke, chief economist for realtor.com^®.

For the past two years, the housing market saw external economic factors overshadow the gains made during the peak home buying season of April to July.

But not this year, Smoke said.

“This year, we’re ending the traditional season with high buyer and seller confidence demonstrated by price appreciation, increases in inventory and quick home sales,” he said.

Downpour wakes up metro Phoenix, shuts down freeways, floods streets

IT'S A RECORD!!! Phoenix Sky Harbor 2.96 in. of rain breaks the all-time calendar day record total previously 2.91/1933.