{"id":18640,"date":"2021-03-22T13:42:02","date_gmt":"2021-03-22T13:42:02","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18640"},"modified":"2021-03-22T13:42:02","modified_gmt":"2021-03-22T13:42:02","slug":"fed-vows-to-keep-benchmark-rate-low","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/fed-vows-to-keep-benchmark-rate-low\/","title":{"rendered":"Fed Vows to Keep Benchmark Rate Low"},"content":{"rendered":"

Fed Vows to Keep Benchmark Rate Low<\/h1>\n
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The Federal Reserve voted on Wednesday to keep its benchmark interest rate near zero and at historic lows as the economy continues to recover from the COVID-19 pandemic. The Fed went on further to indicate that they won\u2019t likely raise interest rates until 2023\u2014at the earliest.<\/p>\n

But that doesn\u2019t necessarily translate into good news for mortgage rates\u2014which have begun rising over recent weeks. The Fed\u2019s benchmark rate does not directly influence mortgage rates. The Fed\u2019s federal funds rate is not what consumers pay. It is what banks charge one another for short-term lending. However, the Fed\u2019s action can have an indirect impact on what consumers end up paying on mortgage rates.<\/p>\n

Mortgage rates loosely follow the U.S. Treasury bond, but over recent months, even that relationship has varied, Tendayi Kapfidze, chief economist at LendingTree, told MarketWatch. Ten-year Treasury rates rose in August 2020 as mortgage rates fell.<\/p>\n

Mortgage rates reached an all-time low in January (the 30-year fixed-rate mortgage averaged 2.65%), according to Freddie Mac. But over recent weeks, they\u2019ve been rising, increasing more than 30 basis points since the start of the year. Last week, the 30-year fixed-rate mortgage averaged 3.05%. Investors are growing concerned about inflation.<\/p>\n

Still, economists are quick to note mortgage rates are still hovering near all-time lows. \u201cPeople have been spoiled by getting sub-3% loans,\u201d Robert Frick, corporate economist at Navy Federal Credit Union, told CNBC.<\/p>\n

One move that could help push mortgage rates lower: The Federal Reserve has been increasing its purchases of mortgage-backed securities to add liquidity into the market since the pandemic. \u201cReaffirming its commitment to ongoing asset purchases while acknowledging that a tapering is on the horizon at some point\u2014likely pretty far off\u2014should help slow the rise of mortgage rates,\u201d Danielle Hale, chief economist of realtor.com\u00ae, told MarketWatch.<\/p>\n

The Mortgage Bankers Association predicts mortgage applications to stay high even as rates tick above the 3% mark. \u201cWhile mortgage rates are likely to move somewhat higher, the purchase market remains on track for a record year,\u201d Mike Fratantoni, MBA\u2019s chief economist, told MarketWatch.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\u201cHere\u2019s How the Fed Decision Impacts Your Wallet<\/a>,\u201d CNBC (March 17, 2021) and \u201cThe Fed Plans to Keep Interest Rates Low\u2014Here\u2019s Why Mortgage Rates Could Rise Anyway<\/a>,\u201d MarketWatch (March 17, 2021)<\/div>\n
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\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Fed Vows to Keep Benchmark Rate Low The Federal Reserve voted on Wednesday to keep its benchmark interest rate near zero and at historic lows as the economy continues to recover from the COVID-19 pandemic. The Fed went on further to indicate that they won\u2019t likely raise interest rates until 2023\u2014at the earliest. But that … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-18640","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nFed Vows to Keep Benchmark Rate Low - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/fed-vows-to-keep-benchmark-rate-low\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fed-vows-to-keep-benchmark-rate-low\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fed-vows-to-keep-benchmark-rate-low\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Fed Vows to Keep Benchmark Rate Low\",\"datePublished\":\"2021-03-22T13:42:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fed-vows-to-keep-benchmark-rate-low\\\/\"},\"wordCount\":402,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fed-vows-to-keep-benchmark-rate-low\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/fed-vows-to-keep-benchmark-rate-low\\\/\",\"name\":\"Fed Vows to Keep Benchmark Rate Low - 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