This past Wednesday, the FOMC (Federal Open Market Committee) raised the federal funds rate by .25%. This was an expected move by the Fed and is expected to increase borrowing costs for credit cards, auto loans, and mortgages. The Fed reiterated its forecast for another rate hike this year and three to four more in 2019.

Below is a chart offered by Freddie Mac as to how rates have performed this year and what they anticipate in the coming 4 quarters.

Source : O2 Mortgage