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Mortgage Rates Jump Following Fed Rate Hike

by UrbanTurf Staff

Mortgage Rates Jump Following Fed Rate Hike: Figure 1

On Wednesday, the Federal Reserve raised a key U.S. interest rate for the first time in a year. And on Thursday, long-term rates for homebuyers continued to rise.

Freddie Mac reported 4.16 percent with an average 0.5 point as the average for a 30-year mortgage today, up three basis points from last week. This is the highest that rates have been in over two years.

“This week’s mortgage rate survey was completed prior to the FOMC announcement,” Freddie Mac’s Sean Becketti said. “The MBA’s Applications Survey posted drops in both refinance and purchase applications, registering the impact of recent mortgage rate increases. If rates continue their upward trend, expect mortgage activity to be significantly subdued in 2017.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

This article originally published at http://dc.urbanturf.com/articles/blog/mortgage_rates_jump_following_fed_rate_hike/11989

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