The Federal Open Market Committee (FOMC)chose to maintain the target range of federal fund rates at 1% to 1.25%.
Although we are still in a competitive market, we may finally see a decline in bidding wars.
For the first time in 7 weeks, the average 30-year fixed mortgage rates increased from an average of 3.78% to 3.83%.
Although rates have gone up, they’re still at a historic low. Freddie’s average rate was 8.1% in the year 2000.
This hike in mortgage rates is the 5th one since December of 2015.