What’s going on?
After surging to the highest rate in months last week, mortgage rates held steady, according to Freddie Mac’s Primary Mortgage Market Survey.
Also this week, President Trump nominated Jerome Powell to serve as the new Federal Reserve Chair.
What does it mean?
While rates may have held steady this week, they’re still expected to rise.
“Based on [Wednesday’s] Fed decision and what’s likely to come in December, home seekers should prepare for higher mortgage rates in the months ahead. It is likely that the Fed will move the Fed funds rate up at its December meeting…” said Danielle Hale, Realtor.com’s chief economist.
Why should you care?
Despite market turmoil, rates are still low. How much longer will these low rates last?
Well, that’s impossible to know for sure, but with a December rate hike quite possible, it’s likely they won’t be this low for long!
Curious what your rate could be? Find out in just a few minutes through our easy online process.