{"id":40108,"date":"2015-12-31T08:28:17","date_gmt":"2015-12-31T16:28:17","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=40108"},"modified":"2020-10-06T17:08:23","modified_gmt":"2020-10-07T00:08:23","slug":"mortgage-rate-watch-farewell-3-percent","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rate-watch-farewell-3-percent\/","title":{"rendered":"Mortgage Rate Watch: Farewell, 3 Percent"},"content":{"rendered":"<p>It was fun while it lasted. This week, rates on a 30-year fixed mortgage topped 4 percent for the first time since July.<br \/>\n<span style=\"font-weight: 400;\">Rates averaged 4.01 percent, according to <a href=\"http:\/\/www.freddiemac.com\/pmms\/index.html?intcmp=CWS-HP\" target=\"_blank\" rel=\"noopener noreferrer\">Freddie Mac\u2019s<\/a> benchmark survey, up from 3.96 percent last week. At this time last year, 30-year, fixed-rate loans averaged 3.87 percent.<\/span><br \/>\n<span style=\"font-weight: 400;\">Rates have had nowhere to go but up for a very long time, and they\u2019ll probably continue to rise. A gradual increase shouldn\u2019t have a serious impact on the housing market, though it could affect house hunters <\/span><a href=\"https:\/\/redfin.com\/blog\/2015\/12\/whats-spooking-homebuyers-hint-its-not-the-fed.html\"><span style=\"font-weight: 400;\">struggling with affordability<\/span><\/a><span style=\"font-weight: 400;\">, such as lower-income and first-time buyers. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">And don\u2019t blame this week\u2019s rate increase on the <\/span><a href=\"https:\/\/redfin.com\/blog\/2015\/12\/the-fed-rate-hike-wont-hurt-housing-heres-why.html\"><span style=\"font-weight: 400;\">Fed<\/span><\/a><span style=\"font-weight: 400;\">. Yes, Chair Janet Yellen and her crew raised short-term borrowing costs earlier this month, but mortgage rates are affected by a lot of things, including global events that have nothing to do with the housing market. In this case, rates rose because of a jump in consumer confidence, according to Freddie chief economist Sean Becketti.<\/span><br \/>\nLike us, Becketti expects rates to rise slowly. By this time next year, a mortgage will cost 4.7 percent, according to his forecast. That\u2019s still low. Remember this chart:<br \/>\n<figure id=\"attachment_40109\" aria-describedby=\"caption-attachment-40109\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2015\/12\/rates-2015Dec31.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-40109\" src=\"https:\/\/redfin.com\/blog\/wp-content\/uploads\/2015\/12\/rates-2015Dec31.png\" alt=\"Mortgage rates\" width=\"1200\" height=\"750\" \/><\/a><figcaption id=\"caption-attachment-40109\" class=\"wp-caption-text\">Source: Freddie Mac<\/figcaption><\/figure><br \/>\nLorraine.Woellert@Redfin.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It was fun while it lasted. This week, rates on a 30-year fixed mortgage topped 4 percent for the first time since July.<\/p>\n","protected":false},"author":13355,"featured_media":40469,"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":[32,74],"coauthors":[],"class_list":["post-40108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mortgage Rate Watch: Well, It Was a Good Run<\/title>\n<meta name=\"description\" content=\"It was fun while it lasted. This week, mortgage rates topped 4 percent for the first time since July.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-watch-farewell-3-percent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Rate Watch: Farewell, 3 Percent\" \/>\n<meta property=\"og:description\" content=\"It was fun while it lasted. This week, mortgage rates topped 4 percent for the first time since July.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/mortgage-rate-watch-farewell-3-percent\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2015-12-31T16:28:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-07T00:08:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/01\/MortgageDownPaymentSavings.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1696\" \/>\n\t<meta property=\"og:image:height\" content=\"1132\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lorraine Woellert\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lorraine Woellert\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rate-watch-farewell-3-percent\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rate-watch-farewell-3-percent\\\/\"},\"author\":{\"name\":\"Lorraine Woellert\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/6395c928950a61ee52bf19341000cfd7\"},\"headline\":\"Mortgage Rate Watch: Farewell, 3 Percent\",\"datePublished\":\"2015-12-31T16:28:17+00:00\",\"dateModified\":\"2020-10-07T00:08:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rate-watch-farewell-3-percent\\\/\"},\"wordCount\":210,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rate-watch-farewell-3-percent\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2016\\\/01\\\/MortgageDownPaymentSavings.jpg\",\"keywords\":[\"Housing Market Tracker\",\"Mortgage Tips\"],\"articleSection\":[\"Housing Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rate-watch-farewell-3-percent\\\/#respond\"]}],\"copyrightYear\":\"2015\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rate-watch-farewell-3-percent\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rate-watch-farewell-3-percent\\\/\",\"name\":\"Mortgage Rate Watch: Well, It Was a Good Run\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rate-watch-farewell-3-percent\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/mortgage-rate-watch-farewell-3-percent\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2016\\\/01\\\/MortgageDownPaymentSavings.jpg\",\"datePublished\":\"2015-12-31T16:28:17+00:00\",\"dateModified\":\"2020-10-07T00:08:23+00:00\",\"description\":\"It was fun while it lasted. 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