Mortgage rates moved up only slightly this week in anticipation of the Federal Reserve's latest decision on interest rates. I'm Doug Whiteman with your weekly look at mortgage rates.
Mortgage rates were little changed over the last week in the lead up to the Federal Reserve meeting. The 30-year fixed-rate mortgage rose 3 basis points to 4.58 percent. A basis point is one-hundredth of 1 percentage point. The 15-year fixed-rate mortgage also rose 3 basis points to 3.63 percent. And the average rate for 30-year jumbo mortgages moved up 5 basis points to 4.6 percent.
The 5/1 adjustable-rate mortgage actually fell 1 basis point to 3.33 percent.
Even with the Federal Reserve's announcement of a tapering to the pace of the bond purchases, don't expect a dramatic spike in mortgage rates. Rather, a tapering was inevitable and even this week's announcement won't actually take effect until January. The tapering itself is both modest – scaling back from $85 billion to $75 billion per month – but also a vote of confidence in the continuing economic recovery.
To find the best mortgage terms, use the free search engine on Bankrate.com. I'm Doug Whiteman.