Current Mortgage Rates 3/20/2017
|Conv. 30 Year Fixed||4.375%||4.420%|
|Conv. 15 Year Fixed||3.625%||3.703%|
|FHA 30 Year Fixed||3.750%||4.775%|
|VA 30 Year Fixed||3.875%||4.084%|
Rates are based on these Terms & Conditions
YTD Mortgage Rate Trend
Weekly Market Commentary
Freddie Mac: http://www.freddiemac.com/pmms/
As expected, the FOMC announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year. Although our survey was conducted prior to the Fed’s decision, the release of the February jobs report all but guaranteed a rate hike and boosted the 30-year mortgage rate 9 basis points to 4.30 percent this week. Increasing inflation, continued gains in the labor market and the Fed’s intentions for further rate increases—all three will keep pushing mortgage rates up this year.
Mortgage News Daily: http://www.mortgagenewsdaily.com/reports/weekly_mortgage_rates/
Mortgage rates continued pushing into the highest levels in more than three years to begin this week. Wednesday’s FOMC meeting was definitely the focal point for market volatility, but not because markets were wondering if the Fed would hike.
Indeed, EVERYONE already knew the Fed would hike, but no one knew exactly what the Fed’s economic projections would look like (that’s where the Fed conveys its rate hike outlook going forward–only happens 4 times a year).
Markets figured the Fed would ramp up the rate hike outlook pretty aggressively based on some comments from late February. But the Fed’s median outlook didn’t change at all for 2017 and 2018! This allowed rates to move lower at the fastest single-day pace of the year, and brought the average top tier 30yr fixed rate back to 4.25% from 4.375% on Wednesday morning.
The outlook is a bit more neutral from here (whereas we were ducking and covering heading into this week). That’s not to say there’s no risk, however. Numerous Fed speakers will be out next week, and they’ll be sure to let us know if they think markets breathed an overly-big sigh of relief this week.