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Mortgage Rates Again Average Higher

Mortgage rates again averaged higher this week in wait of the Federal Reserve’s decision on the key interest rate, with the 30-year fixed mortgage rate rising nine points to 4.30 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The new average exceeds the year-to-date high hit the previous week.

The 15-year fixed mortgage rate, meanwhile, averaged 3.50 percent, and the 5-year Treasury-indexed hybrid adjustable mortgage rate averaged 3.28 percent, according to the survey.

The Fed voted to raise the key rate on Wednesday, indicating there would be at least two more hikes before year-end. Mortgage rates are expected to continue to rise if the Fed’s intentions bear out.

Source: Freddie Mac

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