{"id":53833,"date":"2016-09-22T07:59:59","date_gmt":"2016-09-22T14:59:59","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=53833"},"modified":"2020-10-06T17:08:12","modified_gmt":"2020-10-07T00:08:12","slug":"mortgage-rates-housing-is-getting-stronger-but-rates-will-stay-low","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-housing-is-getting-stronger-but-rates-will-stay-low\/","title":{"rendered":"Mortgage Rates: Housing is Getting Stronger, But Rates Will Stay Low"},"content":{"rendered":"

Mortgage rates inched down this week, averaging 3.48\u00a0percent for a 30-year, fixed-rate loan, dropping\u00a0from 3.50\u00a0percent last week. Last year at this time, rates were 3.86 percent, according to Freddie Mac<\/a>.<\/p>\n

\"Mortgage<\/figure>\n

 
\nYesterday, in a much-anticipated meeting, the Federal Open Market Committee<\/a> (FOMC) decided to keep the Federal funds rate unchanged<\/a> in a contested vote, with three of ten members wanting to raise rates.<\/p>\n

What is Really Happening?<\/h3>\n

The economy is improving, but it\u2019s still fragile.
\n\u201cAs the housing market is finally normalizing, the Fed is struggling to find a new normal in the jobs market.\u00a0 Though the unemployment rate is low, there are still more workers than there are jobs. The risk is that a rate hike might choke off hiring too soon,\u201d said Redfin chief economist Nela Richardson.
\nWe also have a lot of economic uncertainty. We\u2019re coming into a major election with worldwide implications, for example.
\nJanet Yellen, the chair of the FOMC, doesn\u2019t want to jolt the economy unnecessarily.<\/p>\n

How Does This Relate to Housing?<\/h3>\n

The good news is that the housing recovery is no longer as dependent on low rates.
\n\u201cHousing is now in a hard won position,\u201d said Redfin chief economist Nela Richardson. \u201cIts growth path is no longer so dependent on the Fed’s policy of keeping short-term rates extremely low, especially since the industry has a portfolio of mortgage securities that can suppress mortgage rate increases.\u201d
\n\u201cBuyer demand is still vigorous as housing has benefited from household income growth and an extension in lending,\u201d said Richardson. \u201cThe housing market recovery is now spreading across geographies, price points and hopefully soon, income levels.\u201d
\nWe\u2019re starting to see some real examples of this. In the August 2016 Redfin Homebuyer Sentiment Survey<\/a>, only 9 percent of buyers said that they would stop their home search if mortgage rates increased by a point or more, down from 15 percent a year ago.<\/p>\n

When Will Mortgage Rates Go Up?<\/h3>\n

Probably not until at least December.
\nYes, there\u2019s an FOMC meeting in early November, but no one wants to raise rates just before the election<\/a>.
\nOdds makers give almost a 60 percent chance<\/a> of a rate raise at the December 14 meeting, which would likely trickle down at least a little bit to mortgage rates.
\nBut remember that homebuyers are enjoying very, very low rates. Even with a reasonable hike, rates would still be bargain-basement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates inched down this week, averaging 3.48\u00a0percent for a 30-year, fixed-rate loan, dropping\u00a0from 3.50\u00a0percent last week. Last year at this time, rates were 3.86 percent, according to Freddie Mac.   Yesterday, in a much-anticipated meeting, the Federal Open Market Committee (FOMC) decided to keep the Federal funds rate unchanged in a contested vote, with […]<\/p>\n","protected":false},"author":13053,"featured_media":39597,"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-53833","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: Housing is Getting Stronger, But Rates Will Stay Low - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"After the Fed's decision to keep the borrowing rate steady, mortgage rates dropped slightly. 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