Mortgage rates are higher this week in Freddie Mac’s Weekly Survey after seeing a rapid rise to start the year and then a brief pause. The 30 Year Fixed Rate Mortgage was at 3.69% in today’s Freddie Mac survey and the 15 Year Fixed Rate Mortgage was at 2.93%. These are the highest rates in the survey in over two years. The Federal Reserve has indicated it will soon stop buying mortgage bonds, raise the Fed Funds rate, and then begin to liquidate its mortgage bonds sometime after it raises rates. The direction for mortgage rates seems clear. Now it’s a matter of when and how much mortgage rates will be impacted by the policy changes and the volatility in the bond market. After recent comments by Fed members, signs are pointing to a quicker than expected rise in rates this year.
Freddie Mac’s Weekly Survey was released this morning with its most recent assessment of the mortgage rate landscape. See the details of their survey below.
(dynamic chart with current info)