April 28, 2016

Mortgage rates creep higher

Mortgage rates creep higher

By Marcie Geffner - Bankrate

Homebuyers might want to keep a close eye on mortgage interest rates.

Recently, rates have "inched up just a bit," says Justin Lopatin, vice president of residential banking for PERL Mortgage in Chicago.

The rise could be due to higher demand at the start of the spring-homebuying season or anticipation of Wednesday's statement from the Federal Reserve, among other factors.

The Fed's Federal Open Market Committee left its benchmark federal funds rate unchanged at 0.25% to 0.50%. This rate is used primary by banks.

In its statement, the FOMC said job markets, housing and household income had improved, yet consumer spending had moderated and economic activity apparently slowed. Inflation remains low.

Read more:
http://www.bankrate.com/finance/mortgages/mortgage-analysis-042816.aspx