{"id":55771,"date":"2016-12-15T08:53:26","date_gmt":"2016-12-15T16:53:26","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=55771"},"modified":"2020-10-06T17:08:10","modified_gmt":"2020-10-07T00:08:10","slug":"the-fed-raised-rates-so-what-will-happen-with-mortgages","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/the-fed-raised-rates-so-what-will-happen-with-mortgages\/","title":{"rendered":"The Fed Raised Rates, So What Will Happen With Mortgages?"},"content":{"rendered":"

Mortgage rates were up this week, averaging 4.16 percent for a 30-year, fixed-rate loan, up from 4.13 percent last week. Last year at this time, the rate was 3.97 percent, according to Freddie Mac<\/a>.<\/p>\n

\"Dec15<\/figure>\n

As recently as late October, the 30-year fixed was at 3.47 percent, so the current rate does mark a notable hike. In real dollars, what does that mean? An average monthly mortgage payment (assuming 20 percent down) in October for a $268,000 home (the national median home price at the time) would have been $1,280. How much would the same mortgage cost per month at 4.16 percent? It jumps to $1,366, an $86 monthly increase.
\nAnd just on Wednesday, the Federal Reserve decided to raise rates<\/a> for the first time in nearly a year, and only the second time this decade. The target federal-funds rate is now between 0.50% and 0.75%, with the Fed\u2019s state goal of raising rates three more times during the course of 2017.
\nThe Fed announcement took place after the mortgage rate survey was completed, but the rate-raise was expected by the mortgage industry.<\/p>\n

What does this mean for mortgage rates going forward?<\/h3>\n

\u201cMortgage rates will increase, but not too much\u201d said Redfin<\/a> Chief Economist Nela Richardson. \u00a0\u201cThe Federal Reserve surprised Wall Street by suggesting there would be three rate hikes in 2017 instead of the two that were anticipated by investors.
\n\u201cBut for homebuyers, the X factor was never two (or three) modest hikes in the federal funds rate next year. Rather it is the Federal Reserve\u2019s continued investment<\/a> in mortgage securities, which it began purchasing in the aftermath of the housing bust in 2008.\u00a0The Fed\u2019s investment in mortgages helps keep mortgage rates low, and Chair Yellen promised that this buying program would remain in effect a while longer.
\n\u201cAs long as the Fed remains a trillion dollar investor in the U.S. mortgage system, a moderate pickup in short-term rates won\u2019t unhinge historically low long-term rates like mortgage rates, and won\u2019t dampen the strong home-buying demand we\u2019ve seen as a result of a strengthening economy.\u201d
\nIn Redfin\u2019s recent Housing Predictions for 2017<\/a>, 30-year fixed rates were forecast to go no higher than 4.3%. Why? As long as the government is backing a large number of mortgage securities, there is a constant supply of credit to fund America\u2019s mortgages, and more supply means lower rates.<\/p>\n

\"Dec<\/figure>\n

So, for homebuyers on the market now or in the spring, the news isn\u2019t as dire as it may seem on first blush. And, remember, rates are still historically very low \u2013 in the 1980s, they were rarely below 10 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates were up this week, averaging 4.16 percent for a 30-year, fixed-rate loan, up from 4.13 percent last week. Last year at this time, the rate was 3.97 percent, according to Freddie Mac. As recently as late October, the 30-year fixed was at 3.47 percent, so the current rate does mark a notable hike. […]<\/p>\n","protected":false},"author":13053,"featured_media":49287,"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":[74,19],"coauthors":[],"class_list":["post-55771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"\nThe Fed Raised Rates, So What Will Happen With Mortgages? - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Mortgage rates may go up, but just a little bit, says Redfin chief economist Nela Richardson. 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