30-year mortgage rates drop slightly as market awaits Fed’s March rate hike

 

Mortgage rates decreased slightly this week, according to the latest data from Freddie Mac. This comes as the market awaits the upcoming rate hike, which the Federal Reserve signaled could come in March.

The 30-year fixed-rate mortgage dropped to 3.55% annual percentage rate (APR) for the week ending Jan. 27, Freddie Mac’s Primary Mortgage Market Survey showed. This is down slightly from 3.56% last week but up from 2.73% last year.

"This week’s Fed meeting reinforced the idea that interest rates are moving higher, with Fed rate hikes likely to begin as soon as March," Realtor.com Chief Economist Danielle Hale said. "However, long-term Treasuries bounced down and then up again this week, as investors evaluated whether they are correctly positioned to navigate the tightrope of a Fed tightening cycle and other economic growth risks against a still-strong economy."

Borrowers can take advantage of the current rates by refinancing their mortgage to lower their monthly payments. Visit Credible to find your personalized interest rate without affecting your credit score.

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