The Federal Open Market Committee was upbeat over strengthening in the housing sector and a hop in household spending. But it voiced concern that unemployment remains stubbornly high. With inflation at 1.5 percent, the Federal Reserve will continue to keep the federal funds rate near zero in hopes it will jump-start the jobs market and keep the economy from faltering.
How Fed moves affect mortgage rates
Click through the timeline below to see the effect the Fed's moves had on mortgage rates.
The rate-setting Federal Open Market Committee meets at least eight times a year. Its members include the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York and a rotating selection of presidents of the other 11 reserve banks.
Board of Governors (Chairman)
Board of Governors
Kansas City, Mo.