Stay Informed: The Latest on Mortgage Rates and the Federal Reserve’s Decision
Are you planning to purchase a new home soon? Don’t miss out on this vital information! Despite a minor increase in today’s mortgage rates, they still remain relatively low compared to the spike experienced earlier this month. The Federal Reserve is expected to announce its decision on a possible hike in the federal funds rate later today, with most markets anticipating a moderate increase of 25 basis points.
Initially, the Fed had considered a more significant hike due to high inflation and a robust labor market. However, following the collapse of Silicon Valley Bank and subsequent market turmoil, most investors predict a less aggressive approach from the central bank in this meeting.
As of March 22, 2023, the average 30-year fixed mortgage rate is 6.75%, while the 30-year FHA loan is at 6.20%, the 30-year jumbo loan at 6.19%, and the 30-year VA loan at 6.25%. For those considering shorter-term loans, the 15-year fixed rate is currently at 6.17%. Additionally, the 5/1 ARM rate presently stands at 6.50%.
Keep following for more updates on the Federal Reserve’s decision and its possible impact on mortgage rates in the future.