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Mortgage rates went up for the ninth time in 10 weeks. The good news is that they aren’t rising as fast as they were a few weeks ago.
The Federal Reserve’s monetary policy committee is scheduled to meet next week, and mortgage rates usually don’t move much in the week preceding a Fed meeting. The Fed is expected to raise a short-term interest rate by a quarter of a percentage point. Economists and mortgage bankers say that the increase already has been “baked into” mortgage rates.
Economic Fallout from Mortgage Rate Surge?
The benchmark 30-year fixed-rate mortgage rose this week to 4.15% from 4.13%, according to Bankrate’s weekly survey of large lenders. A year ago, it was 4.06%. Four weeks ago, the rate was 3.73%. We’re focused on the follow on impact; home builders and prices, regional banks and the U.S, consumer.
Pick up our latest report on interest rates, sectors for 2017 here:
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