Good news for potential North Idaho home buyers on Wednesday.
The Fed held interest rates steady Wednesday and said that it sees no need to raise rates anytime soon.
According to ABC News, the Fed's "message ignited a rally on Wall Street, which cheered the prospect of continued modest borrowing rates for the near future.
The Fed and its chairman, Jerome Powell, pointed to global economic pressures and consistently mild inflation as reasons to keep rates steady. The policymakers also said they're prepared to slow the reduction of their bond holdings if needed to help the economy.
In a statement after its latest policy meeting, the Fed said it would be "patient" about future rate hikes. Its benchmark short-term rate will remain in a range of 2.25 percent to 2.5 percent after having been raised four times last year. The Fed's key rate influences many loan rates for businesses and consumers, including mortgages."