Mortgage rates rise amid market uncertainty

Mortgage rates moved up this week, with the 30-year fixed rate averaging 6.78 percent, compared to 6.72 percent the previous week, according to Bankrate’s latest lender survey.

The 30-year fixed mortgages in this week’s survey had an average total of 0.32 discount and origination points.

“A Fed on hold aligns with our forecast for little change in mortgage rates for the time being,” says Mike Fratantoni, chief economist at the Mortgage Bankers Association.

In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages.

“Lenders surveyed each week are a mix of lender types — thrifts, credit unions, commercial banks and mortgage lending companies

is roughly proportional to the level of mortgage business that each type commands nationwide,” according to Freddie Mac.

Another factor is inflation, which remains persistently higher than the Fed’s target of 2 percent.

Even with the volatility in markets, housing economists say mortgage rates are likely to move gradually rather than dramatically.