The Federal Reserve has announced that short-term interest rates will increase 0.25 percent, followed by two similar increases later this year. In anticipation of the Fed hike, mortgage rates have already ticked up just over a quarter of a percentage point over the past few weeks. Jonathan Smoke, chief economist for Realtor.com, says this means homeowners who already have lower mortgage rates locked in are less likely to trade up or down into new homes that require them to get more expensive loans. But even with the bump, “rates are still incredibly low,” says Smoke.
March 16, 2017