Fed votes to raise key interest rate again
This week, the Federal Reserve took a largely expected move to raise its key interest rate one-quarter percentage point. This marks the second of three hikes that is expected to occur this year.
While mortgage rates aren’t directly tied to the Fed’s key interest rate, rates are still influenced by the movement. Mortgage rates are predicted to start rising, and many homeowners and prospective homeowners are already bracing for the uptick.