Federal Reserve Chairwoman Janet Yellen announced the Federal Reserve has raised rates .25% for the first time in 9 years the Fed has finally made a move. What does it mean for mortgage rates? At the end of the day the Fed Rate is not the same as Bond Markets which are what mortgages are securitized by. However, as with all things financial, one string influences the other, so we can expect a gradual rise in mortgage rates. We've already seen some of that in the past month, but we should expect to see rates hit the mid 4's in the coming weeks.
If you haven't taken advantage of refinancing into today's historically low rates, now is definitely the time to do so. The Fed's have signaled a change; try to take advantage of it while it's here! If you can move down to a 15 year fixed, let's get it started!
The Wall Street Journal has a great interactive graph which explains further.
Today's Low Rates here!