Rates remain low ahead of Wednesday’s Fed Rate Decision
Lock in your home financing before upcoming rate hikes!
Mortgage rates have held steady this week in anticipation of Wednesday’s main event—the Federal Open Market Committee (FOMC) Rate Decision. The Fed is expected to raise rates by a quarter point during the meeting, signaling a departure from the recent spell of historically low mortgage rates.*
As of Tuesday, the 30-year fixed rate mortgage rate is 4.33%, one basis point higher than last week and two points higher than last month. The 15-year fixed rate inched two points higher over the last week to 3.75%. After dropping 15 basis points last week, 5/1 ARMs slid another 12 points this week. They currently stand at 4.11%.**
Rates are likely to rise after tomorrow’s meeting. And while many economists still expect the Fed to stick to the forecast and implement three rate hikes over the course of the year, others project an additional jump based on the current economic climate. Stay ahead of the curve—lock in your rate with Guaranteed Rate Affinity today!