US mortgage rates spike ahead of Fed meeting

Interest rate on 30-year loans now at 4.21%

TRD New York /
Mar.March 09, 2017 05:20 PM

Janet Yellen (Credit: Getty Images)

U.S. mortgage rates rose to the highest level in 2017 ahead of a Federal Reserve meeting that will decide the direction of short-term interest rates.

According to Freddie Mac, 30-year fixed-rate mortgages now ask 4.21 percent per year on average, up from 4.1 percent a week ago. The rate for 15-year loans rose to 3.42 percent, up from 3.32 percent, Bloomberg reported.

The Federal Reserve’s decision-making body will meet on March 14 and 15, and Fed chair Janet Yellen has hinted it may decide to raise its benchmark short-term interest rate, the federal funds rate. Higher short-term rates tend to push up mortgage rates.

“The economy has essentially met the employment portion of our mandate and inflation is moving closer to our 2% objective,” Yellen said in a speech earlier this month.  [Bloomberg]Konrad Putzier 


Related Article

arrow_forward_ios

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Real estate firms get (green) thumbs down as they jump into climate bonds

With Fed rate cut on the mind, markets enter the week riding high

(Illustration by Carl Wiens)

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

New York Community Bank CEO and president Joseph Ficalora (Credit: Facebook, iStock)

Freed by Dodd-Frank, NYCB is on the hunt for M&A deals

Lightstone Group Chairman and CEO David Lichtenstein and the Tel Aviv Stock Exchange (Credit: Lightstone and iStock)

Lightstone becomes third NYC developer in a week to plan new Tel Aviv bond issuance, targeting $73M

arrow_forward_ios