In 2019, mortgage rates have increased only 11 times on a weekly basis.
The 15-year fixed-rate mortgage dropped five basis points to an average of 3.16%, according to Freddie Mac.
The 5/1 adjustable-rate mortgage averaged 3.38%, down 11 basis points.9 hours ago
Are CD rates going up in 2019?
Even with their relatively bleak outlook for 2019, CD rates have historically increased faster than savings account rates. The average 1-year CD rate increased 0.26 percentage points from the Dec. 2015 Fed rate hike to Dec. 2018. Meanwhile, savings accounts have only seen an increase of 0.02 points.
Will interest rates continue to rise?
Many industry analysts expect the average rate for 30-year fixed mortgages to hit 5 percent in 2019. Currently, it’s around 4.7 percent. The 10-year Treasury yield — which mortgage rates tend to follow — could rise close to 3.5 percent before falling back down to 2.45 percent by the end of 2019, McBride says.
Are mortgage rates going up in 2019?
Mortgage rates will remain low
Fannie Mae, Freddie Mac and the National Association of Realtors all predicted that mortgage rates would rise through 2019. Instead, mortgage rates have tumbled.
How do rising interest rates affect the economy?
When consumers pay less in interest, this gives them more money to spend, which can create a ripple effect of increased spending throughout the economy. When higher interest rates are coupled with increased lending standards, banks make fewer loans.