Mortgage rates were stable this week in the Freddie Mac Weekly Survey. The 30 Year Fixed Rate Mortgage was at 5.09% in today’s Freddie Mac survey results and the 15 Year Fixed Rate Mortgage was at 4.32%. Recently the Federal Reserve raised the Fed Funds Rate target by 0.50% and said it will begin to liquidate mortgage and treasury securities on its balance sheet this month. All indications point to another half-point fed funds rate increase in June and again in July. This is likely already baked into the calculation for mortgage rates. Mortgage rates will be much more affected as the Fed stops replacing paid-off mortgages and at some point soon begins to sell its mortgage security holdings. This new Fed operation began yesterday so still too early to judge the effects.
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)