{"id":31741,"date":"2015-03-18T15:15:04","date_gmt":"2015-03-18T22:15:04","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=31741"},"modified":"2020-10-06T17:08:34","modified_gmt":"2020-10-07T00:08:34","slug":"fed-opens-door-to-rising-mortgage-rates","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/fed-opens-door-to-rising-mortgage-rates\/","title":{"rendered":"Homebuyers Might Join Fed In Losing Patience"},"content":{"rendered":"

\"chart\"<\/a>Patience. A lot of would-be buyers have had it in spades as they shop for a home. One reason: Mortgage rates are near historic lows and there\u2019s little reason to think they\u2019re going up. Why rush?
\nThat calculation might be changing. Today, Federal Reserve<\/a> policymakers opened the door to higher borrowing costs when they dropped the word \u201cpatient\u201d from their meeting statement. What that means is short-term borrowing rates could begin to climb as soon as this summer. Maybe.
\nOr not. Readers of monetary tea leaves vigorously disagree on what the Fed will do, when they\u2019ll do it or what it all means for regular people.
\nWhat we do know is the Fed has kept the benchmark rate near zero since December 2008 to boost economic growth, and that\u2019s helped keep mortgage rates low. It\u2019s been a gift to homebuyers<\/a>, who more than anyone have benefited from cheap borrowing costs. Perversely, however, that long run of low rates has led to some inertia.
\nThe mere risk of higher rates might be enough to get those shoppers off the fence and locked in. While the Fed doesn\u2019t control mortgage rates, we can expect to see some rate volatility. Fear of rising costs could create a sense of urgency among buyers.
\nWhen will rates rise? Who knows.
\n\u201cJust because we removed the word \u2018patient\u2019 from the statement doesn\u2019t mean we\u2019re going to be impatient,\u201d Yellen told reporters when asked when the Fed might raise rates. It might not matter \u2013 rates are going to bump around while the market figures it all out. Locking in a low rate and signing a contract might become an easier call.<\/p>\n","protected":false},"excerpt":{"rendered":"

Patience. A lot of would-be buyers have had it in spades as they shop for a home. One reason: Mortgage rates are near historic lows and there\u2019s little reason to think they\u2019re going up. But that may be changing. <\/p>\n","protected":false},"author":13355,"featured_media":31755,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[70,68,74,19],"coauthors":[79,198,206,163],"class_list":["post-31741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-home-buyer-tips","tag-local","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"\nFed Opens Door to Rising Mortgage Rates - 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