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Published: Jun 11, 2020 4 min read
Money; Getty Images

House hunters rushing to lock in record low mortgage rates likely have a bit more time to shop thanks to a pair of announcements from the Federal Reserve this week.

On Wednesday, the Fed’s policy makers said they would maintain the near zero interest rates instituted earlier this year, indicating they expect to keep rates at basement levels through 2022. In its statement, the Fed also said that it would continue aggressively buying government and mortgage-backed bonds at a steady rate to keep markets functioning.

The measures are the most extreme since the 2008 financial crisis and were first announced in mid-March, as steps to limit the spread of the coronavirus wreaked havoc on U.S. businesses and kept house hunters on the sidelines. By reiterating its commitment to these tools, the Fed is indicating that the economy may take longer to recover than hoped, but is also showing that it will take extraordinary measures to help consumers.

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