On Wednesday the Fed held interest rates where they are
“The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives,” the Federal Open Market Committee (FOMC) released in statement. “The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.”
The historically low interest rates do appear to have an affect on the local real estate market. With money cheap to borrow, buyers are taking advantage.
It will be interesting to see how mortgage rates will actually rise if the Fed does decide to raise rates in December.