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Key rates move up ahead of Fed meeting

Key mortgage rates jumped up ahead of Friday’s jobs report and next week’s meeting of the Federal Reserve, Freddie Mac reported.

Through Wednesday, the 30-year fixed rate mortgage averaged 4.21 percent, up 11 basis points over the week. A year ago, the rate averaged 3.68 percent. Other key rates also rose.

Freddie Mac Chief Economist Sean Becketti said that 10-year Treasury yields rose by 10 basis points.

The Department of Labor will release the February jobs report tomorrow morning. Fed officials have already strongly hinted that the Federal Open Market Committee (FOMC) will raise short-term rates at next week’s meeting.

“The strength of Friday's employment report and the outcome of next week's FOMC meeting are likely to set the direction of next week's survey rate," Becketti said. 


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