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Fed Raises Rates: What This Means for Mortgages The Federal Reserve last week voted to raise its short-term interest rates, likely resulting in more mortgage ra...te increases. The Fed’s rates are not directly tied to mortgage rates but tend to follow 10-year Treasury bonds. However, mortgage rates are often influenced by the Fed’s rates. The Fed increased its federal fund rate from 1.5 percent to 1.75 percent, which is the highest level since 2008. The Fed’s move marks the first of what many economists predict will be three rate hikes this year. Some economists are predicting the federal funds rate to be at 2.1 percent by the end of the year. Mortgage rates do not move one-on-one with the Fed tightening, but clearly consumers should anticipate higher mortgage rates as time proceeds, says Lawrence Yun, NAR chief economist. Mortgage rate hikes have already become a nearly weekly occurrence in 2018. Mortgage rates have risen every week since the start of the year, with last week being the exception.

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