Fed Rate Hike: What It Means for Mortgage Rates

Where mortgage rates will end 2017. Rates are likely to rise to 4.25% to 4.50% by the end of 2017." Fratantoni also expects 30-year rates to be near 4.5% by the end of the year – and above 5% by the end of 2018. "We think [the Fed will] hike once more in September and then probably three or four times in each of the next couple of years," Fratantoni says.

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Find out how the Federal Reserve's latest interest rate hike affects rates on different types of mortgages.

 · The interest rate for the typical 30-year mortgage is 4.05%, while the popular 5/1 adjustable-rate mortgage is averaging 3.24%, according to Bankrate.com. Payments for adjustable-rate loans may tick up, since those reset based on short-term rates, but that doesn’t necessarily mean switching to a fixed-rate loan is a slam dunk.

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Additionally, Fed hikes can affect mortgage rates as well. So, it can be very helpful to track the federal funds rate as well as prime rates frequently to ensure your pocketbook is prepared for.

When interest rates increase, it affects the ways that consumers and. fueled a jump in the prime rate (referred to by the Fed as the Bank Prime Loan Rate), which. prime rate means that banks will increase fixed, and variable-rate borrowing.

In fact, Fed interest rate hikes impact all revolving loans with variable rates. That means the federal funds rate directly impacts interest rates on credit cards, adjustable-rate mortgages, home equity lines of credit and even certain student loans.

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What would a rate hike mean for my wallet? We spoke with experts to get an idea of what everyday folks can expect. What a Fed rate hike will mean for your mortgage rate, savings, and credit cards

(The Fed raises and lowers interest rates in an attempt to control inflation.) “The third rate hike of the year and fifth in the past two years means that consumers with. previously told.

 · The point is that a Fed rate hike would have been a bigger deal for the mortgage market several years ago, when ARMs made up a much larger share of the entire universe of US home loans.