Mortgage rates were up again this past week in the Freddie Mac Weekly Survey. The 30 Year Fixed Rate Mortgage was at 5.89% in today’s Freddie Mac survey results and the 15 Year Fixed Rate Mortgage was at 5.16%.
On September 21, the Federal Reserve is expected to raise the Fed Funds Rate target by another 0.75%. The Fed is also expected this month to start reducing the amount of mortgage and treasury securities on its balance sheet by $95 billion every month, which they refer to as tapering or tightening. Just like throughout the summer tapering, the Fed is off to a very unimpressive and tepid start.
Mortgage rates are likely to remain volatile in this uncertain environment as the Fed tries to navigate this last part of the year and regain some credibility. It’s still difficult to predict what may happen to rates if or when the Fed starts to taper according to the actual plan.
(dynamic charts with current data)
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 data)