House Call: Mortgage Rates Rise Despite Fed Cuts

Episode Transcript

Speaker 1 (00:00):
The average on a thirty year fixed mortgage rose for
the second straight week to about six and a quarter percent.
Real estate expert Cliff Freeman says mortgages don't necessarily follow
the federal funds rate.

Speaker 2 (00:09):
The ten year Treasury is what thirty or fixed rate
mortgages use for their basis of pricing, so as the
market reads into the future, there is uncertainty going forward
what things are going to look like in the longer term.

Speaker 1 (00:23):
He notes that uncertainty is what is driving mortgage rates up,
but they're still about a half point better than a
year ago. Corey Jolson, who's Radio seven forty KTRH