Mortgage rates stabilized this week in Freddie Mac’s Weekly Survey, after a very steep recent run higher. The 30 Year Fixed Rate Mortgage was at 5.10% in today’s Freddie Mac survey and the 15 Year Fixed Rate Mortgage was at 4.40%. The Federal Reserve recently stopped buying mortgage bonds, raised the Fed Funds Rate target by 0.25%, and indicated it will begin to liquidate mortgage and treasury bonds sometime soon. Fed Chair Powell’s recent comments and notes from the recent FOMC meeting indicate a half-point fed funds rate increase is likely next week. We will know the rate increase on Wednesday May 4 and should know much more about balance sheet liquidation plans at that time as well.
Mortgage rate increases are starting to have a material impact on housing affordability and demand. Refinance activity is significantly down.
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)
