What The Fed Interest Rate Hike Means For Home Buyers
Abstract
The average 30-year, fixed-rate mortgage rate spiked by 55 basis points from 5.23% to 5.78% for the week ending Thursday, June 16, 2022. Short-term borrowing costs are now in a target range between 1.60% and 1.50% to 1.75%. The Fed said the rate increase could be somewhat of an over correction. ‘Mortgage rates. Over the next week or two, we probably won’t see big movements in mortgage rates.”
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