This week marks a minor detour in the upwards trend of mortgage rates that have continued for the last few months. The Federal Reserve’s rate hike, as well as subsequent commentary outlining its future policy outlook, caused mortgage lenders to inch down their rates.

The Fed’s move was deemed a preemptive step to keep the country’s economy from overheating with the housing market being cited as a major driver of the country’s current experience of growth. While the Fed’s increases do not have a direct impact on mortgage rates, this week’s slight decreases will help potential home buyers who hope to secure a mortgage before rates rise again.

In summary:
-The Federal Reserve raised interest rates this week, which was followed by a slight decrease in mortgage rates
-The move was taken as a preemptive measure to curb the growth of the economy, specifically citing the housing market as a major driver
-The Fed’s rate hike did not directly affect mortgage rates, so this week’s small decrease will help those looking to secure a mortgage before rates rise again.

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