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Mortgage Rates Increase After Latest Fed Chairman's Testimony

The mortgage rate increase finally has an explanation. According to a recent report, the latest testimony from the Federal Reserve Board chairman is the major factor in the mortgage rate increase this week.

"The 30-year fixed-rate mortgage averaged 4.43% for the week ending March 1, up from last week when it averaged 4.4%," according to Reverse Mortgage Daily.

"A year ago at this time, the 30-year fixed-rate mortgage averaged 4.1%. Rates have increased the eight consecutive weeks."

The economy has remained stable and the job market is also thriving. This information was relayed in Fed chairman, Jerome Powell's latest testimony.

"'Optimistic testimony on Capitol Hill from Federal Reserve Chairman Jerome Powell sent Treasury yields higher as Powell stated his outlook for the economy has strengthened since December,' Len Kiefer, Freddie Mac's deputy chief economist, said in a press release," according to the report.

In turn, the rates began to increase and now more than ever, homebuyers will have a difficult choice to make. Either get locked into a higher mortgage rate or wait until it dips.

To learn more about the mortgage rate increase for the week of March 1, click on the image above.

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