December 17th, 2015 7:44 AM by Joan Rusco
Here’s all you need to know right now about your mortgage rate; just because the Fed raised short term rates by a quarter of a percentage point it doesn’t mean mortgage rates will go up the same amount.
In previous posts (see Aug 31 “Can VA Mortgage Rates Go Down?”) we explained the impact of Federal Reserve rate increases on mortgage rates. Suffice it to say that right now rates are not likely to increase dramatically anytime soon.
There is no direct correlation between a Fed rate hike and mortgage rate increase. We’ll detail what is likely to happen in the coming year in our next blog entry right after the holidays.
All you need to consider right now is that mortgage rates remain at historically low rates and are likely to stay there for some time to come.