30-Year Mortgage Rate Maintains Steady Climb

Filed in Economics by on December 3, 2018 0 Comments

Mortgage rates continue to increase after a slight slowdown in the summer months, according to information compiled by Freddie Mac. The 30-year FRM Commitment rate inched up considerably by 20 basis points to 4.83 percent from 4.63 percent in September. The October increase of the 30-year FRM Commitment rate is the highest level since the beginning of 2011.

graph of mortgage rates

After increasing the federal funds rate to 2 percent to 2.25 percent at the September Federal Open Market Committee meeting, the Fed remains on track to continue its gradual approach to raising interest rates with a possible rate hike in December.

NAHB economist Danushka Nanayakkara-Skillington provides more details in this Eye on Housing blog post.

 

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