For nearly two months, nothing has caused fixed mortgage rates to budge. This week’s stock market swoon was no exception.
According to the latest data released Thursday by
The 15-year fixed-rate average rose to 2.15 percent with an average 0.6 point. It was 2.12 percent a week ago and 2.4 percent a year ago. The five-year adjustable rate average fell to 2.43 percent with an average 0.3 point. It was 2.51 percent a week ago and 2.9 percent a year ago.
At its meeting this week, the
“If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted,” the Fed said in a statement released after the meeting.
In a news conference following the meeting, Fed Chair
“While no decisions were made, participants generally viewed that so long as the recovery remains on track, a gradual tapering process that concludes around the middle of next year is likely to be appropriate,” he said.
Since early in the pandemic, the Fed has been buying
“Markets are likely to price in expected tapering as indications of a timeline crystallize, which means that the days of sub-3 percent mortgage rates may be in the rear view mirror by the end of 2021,” Ratiu said.
Bankrate.com, which puts out a weekly mortgage rate trend index, found two-thirds of the experts it surveyed expect rates to remain about the same in the coming week.
“There is plenty of uncertainty looming regarding the debt ceiling, the ongoing infrastructure debate, as well as the impact of the delta variant,” said
After a sluggish three weeks, mortgage applications bounced back last week. According to the latest data from the
“Prospective home buyers were more active in the final weeks of summer, encouraged by the modest increases in housing supply,” said