Warning: file_exists(): File name is longer than the maximum allowed path length on this platform (260): C:\zpanel\hostdata\zadmin\public_html\forexbr_com_br/wp-content/cache/supercache/www.forexbr.com.br/2020/03/20/mortgage-rates-surge-to-highest-level-since-january-even-though-the-fed-just-brought-interest-rates-to-0-heres-why/meta-wp-cache-7e8200e8c8603397645b38eeb708aa55.php in C:\zpanel\hostdata\zadmin\public_html\forexbr_com_br\wp-content\plugins\wp-super-cache\wp-cache-phase2.php on line 71 Mortgage rates surge to highest level since January even though the Fed just brought interest rates to 0% — here’s why – Forex Brasil

Mortgage rates surge to highest level since January even though the Fed just brought interest rates to 0% — here’s why

Interest rates on home loans shot up higher over the past week as demand for refinances remained strong despite major fluctuations in stock and bond markets.

The 30-year fixed-rate mortgage averaged 3.65% during the week ending March 19, an increase of 29 basis points from the previous week, Freddie Mac FMCC, -0.11%reported Thursday. This was the largest weekly increase in the average 30-year mortgage rate since November 2016, and it’s the highest mortgage rates have been since mid-January.

The noted uptick in 30-year fixed-rate mortgage rates is a major reversal from just two weeks ago, when they had hit a record low at an average of 3.29%.

Read more:The Fed cut interest rates to zero, but don’t expect to see 0% mortgages anytime soon