Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win [Los Angeles Times (CA)]
Federal Home Loan Mortgage Corporation (FMCC)
NASDAQ:AMEX Investor Relations:
freddiemac.com/investors
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Source: Los Angeles Times
But instead of declining, home loan costs marched higher. On Thursday, mortgage giant Freddie Mac reported the average rate on a 30-year home loan rose to 6.72%, up from 6.54% a week earlier. It was the fifth consecutive week of increases. The fact that mortgage rates have gone up despite the cut underscores that while the Federal Reserve influences mortgage rates, it does not set them. Instead, rates are determined by what institutional investors who purchase bundles of mortgages are willing to pay for them and a variety of factors influence those investors. One is the benchmark rate the Fed cut in September, which sets a floor on borrowing costs throughout the economy. Another is expectations for inflation. That's because when purchasing 30-year mortgages investors don't want to see the value of their investment eaten away as the years march on. Mortgage rates fell in advance of the Fed's decision in September, because investors priced in the expectation the Fed would be
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FMCC
News
- UMD's Smith Enterprise Risk Consortium Announces New Mortgage Risk Indexes [Yahoo! Finance]Yahoo! Finance
- Mortgage rates move higher for fifth week: What to know [Yahoo! Finance Canada]Yahoo! Finance Canada
- Mortgage rates rise for fifth straight week [FOX Business Network]FOX Business Network
- Mortgage Rates Jump for Fifth Week, With 30-Year Reaching 6.72% [Yahoo! Finance Canada]Yahoo! Finance Canada
- Mortgage Rates Increase for the Fifth Consecutive WeekGlobeNewswire
FMCC
Sec Filings
- 10/31/24 - Form ABS-15G
- 10/30/24 - Form 8-K
- 10/30/24 - Form 10-Q
- FMCC's page on the SEC website