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Mortgage interest rates rise on Fed speculation

By Marcie Geffner - Bankrate.com
Mortgage rates rose this week after the Federal Reserve again signaled that it might raise the federal funds rate in mid-June.
Lenders reacted to the growing speculation that there will be another Fed rate hike, says Mathew Carson, senior loan officer for First Capital Group, a mortgage financing company in San Francisco.
"The markets are building it in, like they usually do, a little earlier on the anticipation of what the Fed is going to do," Carson says.
The Fed doesn't directly set the mortgage rates homeowners pay, but the federal funds rate is closely watched as an indicator of overall market rates, including those for mortgages.
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