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The Fed Finally Acts: Yup, Mortgage Rates Will Be Going Up

After months of anticipation, the Federal Reserve announced it will be raising its key interest rate for the first time this year and just the second time since the housing bubble burst. That quarter-of-a-point hike is expected to result in higher mortgage rates—making it even more expensive to buy a home. Photo provided by MCCAIG/iStock. “If you’re planning on buying next year, act sooner rather than later, because the financing costs are only going to go up,” says Chief Economist Jonathan Smoke of realtor.com®. “We likely have a window of time between now and early 2017 before rates move dramatically higher again.” Interest on a 30-year fixed-rate mortgage was 4.19% on Tuesday, according to realtor.com data. That is expected to hit 4.5% to 5% by the end of ...

Mortgage Rates Spike After Trump’s Election—Should You Lock in Yours Now?

In the wake of Donald Trump‘s surprise win at the ballot box, there have been heated demonstrations as well as celebrations, turbulence in the bond markets—and higher mortgage rates. Rates climbed nearly 0.2% since the election, to 3.95% for 30-year fixed-rate mortgages of $417,000 or less, according to the Mortgage Bankers Association. That’s the highest they’ve been since January. And while that may not sound like much, it can add up each month in higher mortgage payments. So should aspiring homeowners rush to sign on the dotted line for a home to lock rates in before they go up even further? Or are they expected to fall? “If your intention is to buy a house, you need to start looking for it now,” says Don Frommeyer, CEO of ...