Federal interest rates affecting West Virginia homebuyers

CLARKSBURG, W.Va. (WV News) — The Board of Governors of the Federal Reserve System, the nation’s central bank, voted unanimously May 4 to raise the interest rate paid on reserve balances to 5.15%.

The Federal Reserve raised the fed funds rate by 25 basis points, marking the 10th increase and bringing borrowing costs to their highest level since September 2007 due to financial market expectations.