Mortgage Rates 05-18-16

By Lisa Robison Updated on 5/18/2016

Mortgage rates have risen significantly for the second consecutive day as bonds continue to weaken.  The catalyst for this change was the strong message coming out of the Fed that a rate hike in June "would be appropriate".  The Fed has, up until this point, not been so direct about it's position on a rate hike, but rather hinting at keeping an eye on the inflation rate and the global economy.  This surprising message sparked a reaction in the market that could be felt across the board.  We are hoping that the anxiety in the markets calms down, but for now, we can continue to feel the after effects of the FOMC announcement.  Check back tomorrow for more mortgage news and rate updates. 

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• 30 year (FRM) rates at 3.75% (+0.12%).
• 15 year (FRM) rates at 2.99% (+0.05%).
• FHA 30 year Fixed rates at 3.35% (+0.10%).
• Jumbo 30 year Fixed rates at 3.75% (+0.11%).
• 5/1 ARM rates at 3.07% (+0.04%).