{"id":48931,"date":"2016-05-19T08:08:44","date_gmt":"2016-05-19T15:08:44","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=48931"},"modified":"2020-10-06T19:35:16","modified_gmt":"2020-10-07T02:35:16","slug":"mortgage-rates-heres-why-the-fed-doesnt-really-matter","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-heres-why-the-fed-doesnt-really-matter\/","title":{"rendered":"Mortgage Rates: Here's Why the Fed Doesn't Really Matter"},"content":{"rendered":"

Mortgage rates held close to a three-year low this week, ticking up slightly to an average 3.58<\/span> percent on 30-year fixed loans. A year ago, the rate averaged 3.84 percent, <\/span>according to a survey from <\/span>Freddie Mac<\/span><\/a>.<\/span>
\nYesterday, Federal Reserve policymakers sent a <\/span>signal<\/span> that they might raise rates on their own short-term loans, news that sent financial markets into a tailspin. Most of Janet Yellen\u2019s team think the labor market is improving and economic growth is picking up, according to meeting minutes<\/a> released yesterday. <\/span>
\nThose are good reasons to make money more expensive. The economy is improving and inflation is starting to rise. A lot of financial traders took the Fed\u2019s message to mean that a rate hike could come as soon as next month, pushing the <\/span>odds<\/a>\u00a0of that happening<\/span> from almost nothing to more than one in four. <\/span>
\nHomebuyers shouldn\u2019t fret. First of all, the Fed doesn\u2019t directly control rates on long-term loans like mortgages. When the central bank dropped its benchmark rate to near zero in 2009, mortgages got cheaper, but not that much cheaper.<\/span><\/p>\n

\n
\"mortgage
Source: Freddie Mac, Federal Reserve<\/figcaption><\/figure>
\n<\/figure>\n

Second, home loans are near all-time lows — a slight increase won\u2019t be a make-or-break for most buyers. Third, big investors are still worried about the global economy and are parking money in safe assets, including mortgages, which has the effect of holding rates down.
\n\u201cIf you want to predict mortgage rate increases, look for a steady and sustained clip of good news like strong wage growth, robust economic expansion and soaring global investment, conditions we\u2019re still waiting on seven years into the recovery,\u201d Redfin<\/a> chief economist Nela Richardson said. \u201cLacking these conditions, a Fed rate increase in June barely moves the needle on mortgages.\u201d<\/span>
\nFed policymakers meet again June 14-15. Here\u2019s what happened to mortgages the last time they raised rates.<\/span><\/p>\n

<\/figure>\n
\"mortgage<\/figure>\n

Source: Freddie Mac
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Home loans are super cheap and likely to stay that way for a while.<\/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 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