Mortgage rates

Federal Reserve officials broadly agreed last month they should start reducing emergency pandemic support for the economy, minutes of the Sept. 21-22 Federal Open Market Committee meeting released Wednesday said.

However, economic data points to likely future increases, with investors awaiting numbers from upcoming jobs report.

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Taper announcement, slowing COVID cases help remove downward pressure, leading to increases across all loan-term types.

The home price increases and the ongoing inventory shortage made buying conditions difficult and many think it’s only getting more challenging, according to RealtyTrac.

Federal Reserve officials reinforced the U.S. central bank’s message that it would probably begin winding down its bond-buying program soon, though the economic recovery still had a way to go before interest rate increases would be appropriate.

However, the pullback in mortgage-backed securities purchases will be one of the factors in rates rising in the medium term.

Foreign investment helped offset a slowing domestic recovery, causing few ripples for the week, but economists expect future taper of bond purchases to lead to upward movement.

COVID-19 concerns, inflation hold back actions that might change current patterns.

Effects of major economic announcements this summer have had little impact on the lending market, with averages remaining under 3% since July.