As Fed sends interest rates up, mortgage rates stay down

Lack of reaction is good for homebuyers and great time to contact us about the housing market.

Despite the Federal Reserve voting to increase the key overnight lending rate another quarter percentage on Wednesday, mortgage rates remained near their lowest levels of the year, perhaps due to poor employment data and mounting distractions in the nation’s capital. Looking forward, the Fed has not backed off its forecast to raise rates once more in 2017, though inflation projections will ultimately decide the outcome. While the recent rate hike didn’t have a near-term effect on mortgage rates, there’s no telling what surprises the future weeks and months hold in store. Homebuyers and those looking to refinance would be wise to take advantage of these low mortgage rates while they last.

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