The Federal Reserve had their policy meeting earlier this week on Wednesday, and decided to hold off on interest rate hikes for this meeting. However, the Fed noted in their meeting minutes that inflation is nearing its 2% target rate, a number that hasn't been touched in 6 years.
Following the Fed meeting, analysts predict a 0.25% interest rate increase at their next meeting in mid June. Some analysts go as far to predict a 25 basis point hike in short term interest rates per quarter through the end of 2019.
What does that mean for current buyers? No change for you. The rate your lender quoted you earlier this month will likely be the same post Fed meeting. This does put increasing pressure on buyers to lock in their rate before the next Fed meeting in mid June.
Link: Fed keeps key rate steady but notes rising inflation