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The latest Federal Reserve meeting suggests mortgage rates will stay low for the foreseeable future

Published by Business Insider on Mon, 03 May 2021


<bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><h2>Are mortgage rates going up'</h2><p>Mortgage rates have been a little higher this week than the previous week. But you probably don't need to worry about rates trending upward overall anytime soon.</p><p>Low mortgage rates are usually a sign of a struggling economy, so rates have been low in the US during the coronavirus pandemic. Several factors affect mortgage rates, one being the <a href="https://www.businessinsider.com/what-is-the-federal-funds-rate" target="_blank" rel="noopener">federal funds rate</a> set by the <a href="https://www.businessinsider.com/what-is-the-federal-reserve" target="_blank" rel="noopener">Federal Reserve</a>.</p><p>The federal funds rate is the rate banks charge when they lend to each other. The Fed's rates affects rates on <a href="https://www.businessinsider.com/personal-finance/best-credit-cards" target="_blank" rel="noopener">credit cards</a>, <a href="https://www.businessinsider.com/personal-finance/best-personal-loans" target="_blank" rel="noopener">loans</a>, <a href="https://www.businessinsider.com/personal-finance/best-high-yield-savings-accounts-rates-right-now" target="_blank" rel="noopener">savings accounts</a>, and <a href="https://www.businessinsider.com/personal-finance/best-mortgage-lenders" target="_blank" rel="noopener">mortgages</a>.</p><p>The Fed's rate doesn't impact mortgage rates as strongly as, say, a car loan or CD rate. Mortgage rates also rely heavily on the <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years" target="_blank" rel="noopener">10-year Treasury yield</a> and on supply and demand, among other factors. But the federal funds rate does have some influence, and it can indicate how the economy is doing overallthe higher the rate, the better the economy is doing.</p><p>The Federal Reserve met on Tuesday and Wednesday last week and decided to <a href="https://www.businessinsider.com/federal-reserve-vaccination-stimulus-rebound-hardest-hit-sectors-fomc-april-2021-4" target="_blank" rel="noopener">keep the federal funds rate at near zero</a>, just as it's been since the beginning of the coronavirus pandemic. This decision signifies that mortgage rates should stay low for the foreseeable future.</p><p>Federal Reserve Chair Jerome Powell said there have been some positive changes as the US economy starts to reopen, such as a rise in inflation. But these short-term bumps don't affect the economy as strongly as steady, long-term changes.</p><p>The Federal Reserve will meet again on June 15 and 16.</p><div><script async type="text/javascript" id="myFinance-widget-script">!function () {function e() {var s = "myFinance-widget-ad-script";if (!document.getElementById(s)) {var e = document.createElement("script"), n = document.getElementById("myFinance-widget-script"), a = t + "widget/myFinance.js";e.id = s, e.type = "text/javascript", e.async = !0, e.src = a, n.parentNode.insertBefore(e, n);}var c = "myFinance-widget-css";if (!document.getElementById(c)) {var d = document.getElementsByTagName("head")[0], i = document.createElement("link");i.id = c, i.rel = "stylesheet", i.type = "text/css", i.href = t + "widget/myFinance.css", i.media = "all", d.appendChild(i)}}var t = "https://static.myfinance.com/";document.attachEvent ' document.attachEvent("onreadystatechange", function () {"complete" === document.readyState && e()}) : document.addEventListener("DOMContentLoaded", e, !1)}();</script><div class="myFinance-widget" data-widget-id="4fdd3a65-b66e-48dd-a799-11f867bc6b20" data-campaign="bi-refi-multi"></div></div><h2>This week's mortgage rates</h2><table style="height: 127px; width: 100%; border-collapse: collapse;" border="1" cellpadding="10px"><tbody><tr style="height: 43px;"><td style="width: 15.3185%; height: 43px; text-align: center;"><strong>Mortgage type</strong></td><td style="width: 19.1401%; text-align: center; height: 43px;"><strong>Average rate today</strong></td><td style="width: 20.3981%; text-align: center; height: 43px;"><strong>Average rate last week</strong></td><td style="width: 20.1433%; text-align: center; height: 43px;"><strong>Average rate last month</strong></td></tr><tr style="height: 21px;"><td style="width: 15.3185%; height: 21px; text-align: center;">15-year fixed</td><td style="width: 19.1401%; text-align: center; height: 21px;">2.48%</td><td style="width: 20.3981%; text-align: center; height: 21px;">2.44%</td><td style="width: 20.1433%; text-align: center; height: 21px;">2.65%</td></tr><tr style="height: 21px;"><td style="width: 15.3185%; height: 21px; text-align: center;">30-year fixed</td><td style="width: 19.1401%; text-align: center; height: 21px;">3.35%</td><td style="width: 20.3981%; text-align: center; height: 21px;">3.31%</td><td style="width: 20.1433%; text-align: center; height: 21px;">3.63%</td></tr><tr style="height: 21px;"><td style="width: 15.3185%; height: 21px; text-align: center;">7/1 ARM</td><td style="width: 19.1401%; text-align: center; height: 21px;">4.31%</td><td style="width: 20.3981%; text-align: center; height: 21px;">4.05%</td><td style="width: 20.1433%; text-align: center; height: 21px;">4.43%</td></tr><tr style="height: 21px;"><td style="width: 15.3185%; height: 21px; text-align: center;">10/1 ARM</td><td style="width: 19.1401%; text-align: center; height: 21px;">4.00%</td><td style="width: 20.3981%; text-align: center; height: 21px;">3.85%</td><td style="width: 20.1433%; text-align: center; height: 21px;">4.73%</td></tr></tbody></table><p>All mortgage rates have increased by at least four basis points since last Monday. Rates have decreased since this time last month, though, so you can see that rates are still low overall.</p><h2>This week's refinance rates</h2><table style="height: 128px; width: 100%; border-collapse: collapse;" border="1" cellpadding="10px"><tbody><tr style="height: 43px;"><td style="width: 16.2338%; height: 43px; text-align: center;"><strong>Mortgage type</strong></td><td style="width: 28.406%; text-align: center; height: 43px;"><strong>Average rate today</strong></td><td style="width: 26.4712%; text-align: center; height: 43px;"><strong>Average rate last week</strong></td><td style="width: 28.7592%; text-align: center; height: 43px;"><strong>Average rate last month</strong></td></tr><tr style="height: 21px;"><td style="width: 16.2338%; height: 21px; text-align: center;">15-year fixed</td><td style="width: 28.406%; text-align: center; height: 21px;">2.67%</td><td style="width: 26.4712%; text-align: center; height: 21px;">2.65%</td><td style="width: 28.7592%; text-align: center; height: 21px;">2.97%</td></tr><tr style="height: 21px;"><td style="width: 16.2338%; height: 21px; text-align: center;">30-year fixed</td><td style="width: 28.406%; text-align: center; height: 21px;">3.71%</td><td style="width: 26.4712%; text-align: center; height: 21px;">3.64%</td><td style="width: 28.7592%; text-align: center; height: 21px;">3.92%</td></tr><tr style="height: 21px;"><td style="width: 16.2338%; height: 21px; text-align: center;">7/1 ARM</td><td style="width: 28.406%; text-align: center; height: 21px;">4.49%</td><td style="width: 26.4712%; text-align: center; height: 21px;">4.46%</td><td style="width: 28.7592%; text-align: center; height: 21px;">4.82%</td></tr><tr style="height: 21px;"><td style="width: 16.2338%; height: 22px; text-align: center;">10/1 ARM</td><td style="width: 28.406%; text-align: center; height: 22px;">4.74%</td><td style="width: 26.4712%; text-align: center; height: 22px;">4.51%</td><td style="width: 28.7592%; text-align: center; height: 22px;">5.09%</td></tr></tbody></table><p>Like purchase mortgage rates, refinance rates have gone up since last Monday but down since last month. <a href="https://www.businessinsider.com/personal-finance/fixed-rate-mortgage-vs-adjustable-rate-mortgage" target="_blank" rel="noopener">Fixed rates</a> are significantly lower than adjustable rates right now, so you'll probably want to refinance into a fixed-rate mortgage.</p><div><div class="ca-widget" data-token="p83018dcddd4"></div><script async defer src="https://www.consumersadvocate.org/embeds/embedder.js'v=1"></script></div><h2>Mortgage and refinance rates by state</h2><p>Check the latest rates in your state at the links below.</p><p style="column-count: 3; font-size: 13px; font-style: normal; margin: 0;"><a href="https://www.businessinsider.com/personal-finance/alabama-mortgage-rates" target="_blank" rel="noopener">Alabama</a><br><a href="https://www.businessinsider.com/personal-finance/alaska-mortgage-rates" target="_blank" rel="noopener">Alaska</a><br><a href="https://www.businessinsider.com/personal-finance/arizona-mortgage-rates" target="_blank" rel="noopener">Arizona</a><br><a href="https://www.businessinsider.com/personal-finance/arkansas-mortgage-rates" target="_blank" rel="noopener">Arkansas</a><br><a href="https://www.businessinsider.com/personal-finance/california-mortgage-rates" target="_blank" rel="noopener">California</a><br><a href="https://www.businessinsider.com/personal-finance/colorado-mortgage-rates" target="_blank" rel="noopener">Colorado</a><br><a href="https://www.businessinsider.com/personal-finance/connecticut-mortgage-rates" target="_blank" rel="noopener">Connecticut</a><br><a href="https://www.businessinsider.com/personal-finance/delaware-mortgage-rates" target="_blank" rel="noopener">Delaware</a><br><a href="https://www.businessinsider.com/personal-finance/florida-mortgage-rates" target="_blank" rel="noopener">Florida</a><br><a href="https://www.businessinsider.com/personal-finance/georgia-mortgage-rates" target="_blank" rel="noopener">Georgia</a><br><a href="https://www.businessinsider.com/personal-finance/hawaii-mortgage-rates" target="_blank" rel="noopener">Hawaii</a><br><a href="https://www.businessinsider.com/personal-finance/idaho-mortgage-rates" target="_blank" rel="noopener">Idaho</a><br><a href="https://www.businessinsider.com/personal-finance/illinois-mortgage-rates" target="_blank" rel="noopener">Illinois</a><br><a href="https://www.businessinsider.com/personal-finance/indiana-mortgage-rates" target="_blank" rel="noopener">Indiana</a><br><a href="https://www.businessinsider.com/personal-finance/how-long-to-keep-tax-records"></a><a href="https://www.businessinsider.com/personal-finance/iowa-mortgage-rates" target="_blank" rel="noopener">Iowa</a><a href="https://www.businessinsider.com/personal-finance/how-long-to-keep-tax-records"> </a><br><a href="https://www.businessinsider.com/personal-finance/kansas-mortgage-rates" target="_blank" rel="noopener">Kansas </a><br><a href="https://www.businessinsider.com/personal-finance/kentucky-mortgage-rates" target="_blank" rel="noopener">Kentucky</a><br><a href="https://www.businessinsider.com/personal-finance/louisiana-mortgage-rates" target="_blank" rel="noopener">Louisiana</a><br><a href="https://www.businessinsider.com/personal-finance/maine-mortgage-rates" target="_blank" rel="noopener">Maine</a> <br><a href="https://www.businessinsider.com/personal-finance/maryland-mortgage-rates" target="_blank" rel="noopener">Maryland</a> <br><a href="https://www.businessinsider.com/personal-finance/massachusetts-mortgage-rates" target="_blank" rel="noopener">Massachusetts</a> <br><a href="https://www.businessinsider.com/personal-finance/michigan-mortgage-rates" target="_blank" rel="noopener">Michigan</a> <br><a href="https://www.businessinsider.com/personal-finance/minnesota-mortgage-rates" target="_blank" rel="noopener">Minnesota</a> <br><a href="https://www.businessinsider.com/personal-finance/mississippi-mortgage-rates" target="_blank" rel="noopener">Mississippi</a> <br><a href="https://www.businessinsider.com/personal-finance/missouri-mortgage-rates" target="_blank" rel="noopener">Missouri</a> <br><a href="https://www.businessinsider.com/personal-finance/montana-mortgage-rates" target="_blank" rel="noopener">Montana</a> <br><a href="https://www.businessinsider.com/personal-finance/nebraska-mortgage-rates" target="_blank" rel="noopener">Nebraska</a> <br><a href="https://www.businessinsider.com/personal-finance/nevada-mortgage-rates" target="_blank" rel="noopener">Nevada</a> <br><a href="https://www.businessinsider.com/personal-finance/new-hampshire-mortgage-rates" target="_blank" rel="noopener">New Hampshire</a> <br><a href="https://www.businessinsider.com/personal-finance/new-jersey-mortgage-rates" target="_blank" rel="noopener">New Jersey</a> <br><a href="https://www.businessinsider.com/personal-finance/new-mexico-mortgage-rates" target="_blank" rel="noopener">New Mexico</a> <br><a href="https://www.businessinsider.com/personal-finance/new-york-mortgage-rates" target="_blank" rel="noopener">New York</a> <br><a href="https://www.businessinsider.com/personal-finance/north-carolina-mortgage-rates" target="_blank" rel="noopener">North Carolina</a> <br><a href="https://www.businessinsider.com/personal-finance/north-dakota-mortgage-rates" target="_blank" rel="noopener">North Dakota</a> <br><a href="https://www.businessinsider.com/personal-finance/ohio-mortgage-rates" target="_blank" rel="noopener">Ohio</a> <br><a href="https://www.businessinsider.com/personal-finance/oklahoma-mortgage-rates" target="_blank" rel="noopener">Oklahoma</a> <br><a href="https://www.businessinsider.com/personal-finance/oregon-mortgage-rates" target="_blank" rel="noopener">Oregon</a> <br><a href="https://www.businessinsider.com/personal-finance/pennsylvania-mortgage-rates" target="_blank" rel="noopener">Pennsylvania</a> <br><a href="https://www.businessinsider.com/personal-finance/rhode-island-mortgage-rates" target="_blank" rel="noopener">Rhode Island</a> <br><a href="https://www.businessinsider.com/personal-finance/south-carolina-mortgage-rates" target="_blank" rel="noopener">South Carolina</a> <br><a href="https://www.businessinsider.com/personal-finance/south-dakota-mortgage-rates" target="_blank" rel="noopener">South Dakota</a> <br><a href="https://www.businessinsider.com/personal-finance/tennessee-mortgage-rates" target="_blank" rel="noopener">Tennessee</a> <br><a href="https://www.businessinsider.com/personal-finance/utah-mortgage-rates" target="_blank" rel="noopener">Utah</a> <br><a href="https://www.businessinsider.com/personal-finance/vermont-mortgage-rates" target="_blank" rel="noopener">Vermont</a> <br><a href="https://www.businessinsider.com/personal-finance/virginia-mortgage-rates" target="_blank" rel="noopener">Virginia</a> <br><a href="https://www.businessinsider.com/personal-finance/washington-mortgage-rates" target="_blank" rel="noopener">Washington</a> <br><a href="https://www.businessinsider.com/personal-finance/washington-dc-mortgage-rates" target="_blank" rel="noopener">Washington DC</a> <br><a href="https://www.businessinsider.com/personal-finance/west-virginia-mortgage-rates" target="_blank" rel="noopener">West Virginia</a> <br><a href="https://www.businessinsider.com/personal-finance/wisconsin-mortgage-rates" target="_blank" rel="noopener">Wisconsin</a> <br><a href="https://www.businessinsider.com/personal-finance/wyoming-mortgage-rates" target="_blank" rel="noopener">Wyoming</a></p><p><em>Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.</em></p><p><a href="https://www.businessinsider.com/personal-finance/weekly-mortgage-rate-trends-may-3-2021-5#comments">Join the conversation about this story &#187;</a></p>
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