{"id":53222,"date":"2016-09-01T07:48:53","date_gmt":"2016-09-01T14:48:53","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=53222"},"modified":"2020-10-06T17:08:13","modified_gmt":"2020-10-07T00:08:13","slug":"mortgage-rates-does-the-federal-reserve-drama-really-matter","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-does-the-federal-reserve-drama-really-matter\/","title":{"rendered":"Mortgage Rates: Does the Federal Reserve Drama Really Matter?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Mortgage rates <\/span>inched up<span style=\"font-weight: 400\"> this week, averaging 3.46 percent for a 30-year, fixed-rate loan, <\/span>up<b> <\/b><span style=\"font-weight: 400\">from 3.43 percent last week. Last year at this time, rates were 3.89 percent, according to <\/span><a href=\"http:\/\/www.freddiemac.com\/pmms\/index.html\"><span style=\"font-weight: 400\">Freddie Mac<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<figure id=\"media-53230\" class=\"align-center\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2016\/09\/BestImage.jpg\" alt=\"BestImage\" \/><\/figure>\n<figure id=\"media-53223\" class=\"align-center\"><\/figure>\n<figure id=\"media-53226\" class=\"align-center\"><\/figure>\n<p><span style=\"font-weight: 400\">While mortgage rates are very likely to stay low in the near and medium term, there was some drama with the Federal Reserve last week. \u00a0<\/span><br \/>\n<span style=\"font-weight: 400\">At the Jackson Hole Economic Symposium, Fed Chair Janet Yellen\u00a0<\/span><a href=\"http:\/\/www.federalreserve.gov\/newsevents\/speech\/yellen20160826a.htm\"><span style=\"font-weight: 400\">stated<\/span><\/a><span style=\"font-weight: 400\"> that the economy was doing well enough that they could raise the short-term borrowing rate, which in turn could trickle down and affect the mortgage rate.<\/span><br \/>\n<span style=\"font-weight: 400\">Then, Fed Vice Chair Stanley Fischer\u00a0<\/span><a href=\"http:\/\/www.cnbc.com\/2016\/08\/26\/feds-fischer-economy-has-strengthened-job-report-will-weigh-in-on-hike-decision.html\"><span style=\"font-weight: 400\">went on CNBC<\/span><\/a><span style=\"font-weight: 400\"> and said he foresaw possibly <\/span><i><span style=\"font-weight: 400\">two<\/span><\/i><span style=\"font-weight: 400\"> rate hikes this year. Next, a pair of Federal Reserve bank presidents, in a direct contradiction of Fischer, told the Wall Street Journal\u00a0<\/span><a href=\"http:\/\/www.wsj.com\/articles\/two-regional-fed-chiefs-doubt-central-bank-would-raise-rates-twice-this-year-1472314715\"><span style=\"font-weight: 400\">they doubt<\/span><\/a><span style=\"font-weight: 400\"> there will be two rate hikes.<\/span><br \/>\n<span style=\"font-weight: 400\">With all this talk, the treasury markets were<\/span><a href=\"http:\/\/finance.yahoo.com\/news\/feds-feeble-attempts-transparency-show-000000420.html\"> <span style=\"font-weight: 400\">a-jangle<\/span><\/a><span style=\"font-weight: 400\">. Analysts were frustrated about the Fed\u2019s mixed signals\u00a0and there were reminders that should there be any economic headwind, a potential hike would go out the window.<\/span><\/p>\n<h3>What Does It All Mean?<\/h3>\n<p><span style=\"font-weight: 400\">\u201cThe problem with Fed policy is that it&#8217;s trying too hard with too little,\u201d said Redfin chief economist Nela Richardson. \u201cMonetary policy was designed to have a strategic, light touch. Normally, the White House and Congress collaborate on fiscal policy, but with a chronic case of political dysfunction in Washington, the Fed has been and continues to be the only game in town when it comes to growing the economy.<\/span><br \/>\n<span style=\"font-weight: 400\">\u201cFor that reason the Fed can&#8217;t return to normal. It can&#8217;t be clear on its actions. It can only telegraph a hyper near-term outlook that can be shaken by the first sign of trouble, either domestic or global,\u201d said Richardson.<\/span><br \/>\n<span style=\"font-weight: 400\">That\u2019s why all this talk of a rate increase hinges on a series of recent or soon-to-come reports. The Consumer Confidence\u00a0<\/span><a href=\"https:\/\/www.conference-board.org\/data\/consumerconfidence.cfm\"><span style=\"font-weight: 400\">report on Tuesday<\/span><\/a><span style=\"font-weight: 400\"> showed positive news: consumers were as confident as they\u2019ve been in 11 months. Next up is the jobs report tomorrow: Will the report indicate good economic news? \u00a0<\/span><br \/>\n<span style=\"font-weight: 400\">If it feels like economists are looking for signs in tea leaves, that\u2019s because the other player in this drama isn\u2019t giving clear direction. \u00a0<\/span><br \/>\n<span style=\"font-weight: 400\">\u201cThe upshot for homebuyers is that rates will be low and stay low until we see action from the Federal government to stimulate growth. Action from the Federal Reserve, like a rate hike, is supposed to be used to slow down an overheated economy, not stimulate a sluggish one like we have now,\u201d said Richardson.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates inched up this week, averaging 3.46 percent for a 30-year, fixed-rate loan, up from 3.43 percent last week. Last year at this time, rates were 3.89 percent, according to Freddie Mac. While mortgage rates are very likely to stay low in the near and medium term, there was some drama with the Federal [&hellip;]<\/p>\n","protected":false},"author":13053,"featured_media":45487,"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-53222","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: Does the Federal Reserve Drama Really Matter? - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Mortgage rates inched up this week, amid speculation about the Federal Reserve&#039;s intentions. 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