With a new administration now in place, what could that mean for interest rates, as the Federal Reserve is set to meet later this month?

Hall Financial founder and CEO David Hall says that the Federal Reserve will exercise patience and use its usual metrics to determine what todo with interest rates when it meets later this month.

“It looks like the Fed is going to take a bit of a wait and see stance because of the fact that inflation is still an issue,” Hall said. “The employment report showed very positive signs for employment. So I think the Fed is not in a hurry to lower rates, but rather look at more data. I think they’re going to hold steady.”

Now one thing, the Federal Reserve will consider when it meets, the average interest rate on a 30-year fixed-rate home mortgage rose to 7% last week. That’s the highest since May of last year.