Mortgage Rates Jump Up

Mortgage Rates Jump Up

October 12, 2017

Mortgage rates jumped for a second straight week and hit new highs for the year as borrowing costs for homebuyers rise.

The average 30-year mortgage rate climbed to 4.30% from 4.21% last week, mortgage buyer Freddie Mac said Thursday. That is up from 3.73% a year ago.

Rates rose in anticipation of a widely expected hike in the Federal Reserve's key interest rate, which the central bank announced Wednesday. The Fed raised its benchmark short-term rate to a range of 0.75% to 1% and left intact its forecast for two more rate hikes in 2017 and three in 2018.

Federal Reserve Chair Janet Yellen said at a news conference Wednesday after the decision that "the economy is doing well."  The Fed statement said that “inflation has increased in recent quarters, moving close to (the Fed’s) 2% longer run objective.”

Mortgage rates are expected to continue to rise gradually.

"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," Freddie Mac said in its weekly mortgage rates survey.

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Dated: October 13th 2017
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