The Federal Reserve raised the federal funds rate by a .25 point to 5.25%, the highest level in more than five years.
So what does that mean for the booming real estate market in Mesa County? There is currently more demand then supply available. The Mesa County Public Trustee said that the rise may result in more foreclosures for people who have adjustable rate mortgages. But one lender in the area says that mortgage companies were expecting the Federal Reserve Board to raise interest rates, so they shifter their rates around that anticipation; so foreclosures should not necessarily increase as a result of the hike.
Currently, Mesa County is stable with about 400 foreclosures a year.