{"id":49867,"date":"2016-06-02T07:40:15","date_gmt":"2016-06-02T14:40:15","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=49867"},"modified":"2020-10-06T17:08:16","modified_gmt":"2020-10-07T00:08:16","slug":"mortgage-rates-rising-slowly-as-yellen-co-prepare-to-meet","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-rising-slowly-as-yellen-co-prepare-to-meet\/","title":{"rendered":"Mortgage Rates: Rising Slowly As Yellen & Co. Prepare to Meet"},"content":{"rendered":"

Mortgage rates rose for the third straight week, with 30-year, fixed-rate home loans averaging 3.66 percent, according to <\/span>Freddie Mac<\/span><\/a>. A year ago, a typical loan was 3.87 percent.<\/span>
\nHome loans are getting more expensive as the economy slowly gains strength and Federal Reserve policymakers hint that they might increase their own short-term rates. The Fed doesn\u2019t control mortgages, but what it does can affect them.<\/span>
\nFed Chair Janet Yellen surprised the markets last week when she said a central bank rate hike might be in order sooner rather than later.
\n\u201cIt\u2019s appropriate for the Fed to gradually and cautiously increase our overnight interest rate,\u201d Yellen said<\/a> in remarks at Harvard. \u201cIn coming months such a move would be appropriate.\u201d
\nShe also said raising rates too quickly could trigger a downturn. \u201cWe should be cautious about raising rates too steeply.\u201d
\nTranslation: Any increase in interest rates will be gradual and won\u2019t shock the system. When the Fed last raised rates in December, home loans actually got cheaper as investors sought a safe haven for their money amid global economic uncertainty. Yellen & Co. meet again June 14-15.<\/p>\n

\"Mortgage
Source: Freddie Mac<\/figcaption><\/figure>\n

\u201cThe American economy can withstand slightly higher rates,\u201d <\/span>TD Economics<\/span><\/a> wrote in a note to clients. \u201cThough the path will be slow, rates are going up because the American economy is on surer footing.\u201d<\/span>
\nThe U.S. housing market can withstand higher rates, too. <\/span>Home loans have held below 4 percent all year, which has been a boon to <\/span>both buyers and sellers<\/span><\/a>. <\/span>
\nUnfortunately, not everyone has been able to take advantage of that cheap borrowing. Six years after the subprime credit collapse, it\u2019s still difficult or impossible for some average homebuyers to get a mortgage. Credit standards on home loans tightened in May for the third-straight month, according to the <\/span>Mortgage Bankers Association<\/span><\/a>. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. economy, and the housing market, can withstand a gradual increase in rates.<\/p>\n","protected":false},"author":13355,"featured_media":49290,"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-49867","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":"\nMortgage Rates: Rising Slowly As Yellen & Co. 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