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Mortgage rates jump up ahead of Fed meeting


Mortgage rates jumped up ahead of the Federal Reserve’s decision this week to raise the benchmark rate, Freddie Mac reported.

Through Wednesday, the 30-year fixed rate averaged 4.3 percent, up nine basis points. A year ago, the rate averaged  3.73 percent. Other rates also rose.

"As expected, the [Federal Open Market Committee] announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year,” Freddie Mac’s Chief Economist Sean Becketti said.  

“Increasing inflation, continued gains in the labor market and the Fed's intentions for further rate increases,  all three will keep pushing mortgage rates up this year," he continued. 


 

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