{"id":47493,"date":"2016-04-21T08:55:52","date_gmt":"2016-04-21T15:55:52","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=47493"},"modified":"2020-10-06T17:08:18","modified_gmt":"2020-10-07T00:08:18","slug":"mortgage-rates-steady-as-yellen-co-prepare-to-meet","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-steady-as-yellen-co-prepare-to-meet\/","title":{"rendered":"Mortgage Rates: Steady As Yellen &#038; Co. Prepare to Meet"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Mortgage rates held near their recent lows this week, with 30-year, fixed-rate loans averaging 3.59 percent. <\/span><br \/>\n<span style=\"font-weight: 400\">Last week, the average rate was 3.58 percent. A year ago it was 3.65 percent, according to <\/span><a href=\"http:\/\/www.freddiemac.com\/pmms\/\"><span style=\"font-weight: 400\">Freddie Mac<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<figure id=\"media-47495\" class=\"align-center\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/04\/rates-2016Apr-zoom.png\" alt=\"Source: Freddie Mac\" \/><figcaption>Source: Freddie Mac<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Policymakers at the <\/span><span style=\"font-weight: 400\">Fed raised short-term interest rates in December, causing people to worry that mortgage rates would rise, too. So far they haven\u2019t. Fed Chair Janet Yellen and her team meet next week, but they\u2019re not likely to raise rates again yet. <\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><br \/>\n<span style=\"font-weight: 400\">Why? Yellen &amp; Co. are worried about weakness in overseas economies, including Europe, where central bankers today said they would keep their own interest rates below zero. <\/span><a href=\"http:\/\/www.bloombergview.com\/quicktake\/negative-interest-rates\"><span style=\"font-weight: 400\">Negative interest rates<\/span><\/a><span style=\"font-weight: 400\">, which make saving more expensive than borrowing, are meant to stoke spending and give a lift to the flagging economy.<\/span><\/p>\n<h3>So what?<\/h3>\n<p><span style=\"font-weight: 400\">Cheap borrowing has given a lift to the U.S. housing market, but mortgage rates have been so low for so long that homebuyers don\u2019t feel pressure to sign purchase contracts just because they\u2019re in a rush to lock in low rates.<br \/>\n<\/span><br \/>\n<span style=\"font-weight: 400\">Home sales rose <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/04\/march-national-housing-market-tracker.html\"><span style=\"font-weight: 400\">only modestly<\/span><\/a><span style=\"font-weight: 400\"> last month even though rates flirted with historic lows. That was in part because house hunters couldn\u2019t find anything to buy. The inventory of homes for sale has been retreating for <\/span><a href=\"https:\/\/redfin.com\/blog\/2016\/04\/march-national-housing-market-tracker.html?utm_source=blog&amp;utm_medium=post&amp;utm_content=real_estate&amp;utm_campaign=1002170\"><span style=\"font-weight: 400\">more than a year<\/span><\/a><span style=\"font-weight: 400\">, leaving buyers in a bind.<\/span><br \/>\n<span style=\"font-weight: 400\">Even though the cost of a home loan ticked up slightly this week, mortgages are still really cheap and they\u2019ll probably stay that way for now. Remember this chart.<\/span><\/p>\n<figure id=\"media-47494\" class=\"align-center\"><\/figure>\n<figure id=\"media-47497\" class=\"align-center\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/04\/rates-2016Apr21.png\" alt=\"mortgage rates\" \/><figcaption>Source: Freddie Mac<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates ticked held near recent lows this week, with 30-year fixed loans averaging 3.59 percent.<\/p>\n","protected":false},"author":13355,"featured_media":45720,"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":[32,74,19],"coauthors":[],"class_list":["post-47493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"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 Rates: Steady As Yellen &#038; Co. 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