Mortgage rates were up this week in Freddie Mac’s Weekly Survey. The 30 Year Fixed Rate Mortgage was at 3.85% in today’s Freddie Mac survey and the 15 Year Fixed Rate Mortgage was at 3.09%. The Federal Reserve stopped buying mortgage bonds this week, should raise the Fed Funds Rates next week, and then begin to liquidate its mortgage bonds sometime later in the year. The future direction for mortgage rates seems clear. It’s now a matter of seeing how much and how soon mortgage rates will be impacted by the diminishing liquidity and the continued volatility in the bond markets.
It’s still unclear whether the recent geopolitical instability will have a longer term material impact on the Fed’s rate and balance sheet decisions. It’s also unclear if and when the Fed will actually attack the growing inflation problem they have been feeding for years – a problem they continue to actively encourage by maintaining a $9 Trillion balance sheet and excessively low interest rates.
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)
