Mortgage rates continue to post increases, and while the Federal Open Market Committee voted against raising rates in January, interest rates rose with the expectation more rate hikes are to come this year, according to Freddie Mac’s Primary Mortgage Market Survey.
“The Federal Reserve did not hike rates this week, but the market views future hikes as a near certainty,” said Len Kiefer, Freddie Mac deputy chief economist. “The expectation of future Fed rate hikes and increased borrowing by the U.S. Treasury is putting upward pressure on interest rates.”
The 30-year fixed-rate mortgage increased to 4.22% for the week ending February 1, 2018. This is up from last week’s 4.15% and last year’s 4.19%.
Read more in Housing Wire.