How Hurricane Irma Could Impact Mortgage Rates In Every State

Mortgage rates edged up this week, but they're still less than 4 percent. And good news for buyers: Mortgage rates across the country are likely to remain relatively low in the aftermath of Hurricanes Harvey and Irma.

Compare mortgage rates in your area, then get a glimpse at how hurricanes Irma and Harvey could affect your mortgage rate in the months to come.

Here Are Today's Local Mortgage Rates:

How the storms could impact rates

Even if you weren't in the path of Hurricane Harvey or Hurricane Irma, your mortgage rates may be affected. The storms are likely to hold down economic growth temporarily until people begin spending to rebuild their homes, said New York Fed President William Dudley in a recent CNBC interview.

This means Fed policymakers, who meet next week to discuss the economy, could stall another rate increase in the near term. The Federal Reserve exerts an indirect influence on mortgages.

The benchmark 30-year fixed-rate mortgage rose this week to 3.99 percent from 3.95 percent, according to Bankrate’s weekly survey of large lenders. A year ago, it was 3.64 percent.

Four weeks ago, the rate was 4.05 percent. The 30-year fixed-rate average for this week is 0.45 percentage points lower than the 52-week high of 4.44 percent and is 0.45 percentage points greater than the 52-week low of 3.54 percent.

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Good news for buyers

Even though rates were slightly up this week, the median household income also rose for the second straight year, which means many people have more money to put down, improving their chances of getting a mortgage.

The median household income was $59,039 last year, a 3.2 percent jump from a year earlier, according to Census Bureau data released Tuesday.

The 30-year fixed mortgages in this week’s survey had an average total of 0.29 discount and origination points.

Over the past 52 weeks, the 30-year fixed has averaged 4.09 percent. This week’s rate is 0.10 percentage points lower than the 52-week average.

• The 15-year fixed-rate mortgage rose to 3.22 percent from 3.17 percent.
• The 5/1 adjustable-rate mortgage rose to 3.46 percent from 3.45 percent.
• The 30-year fixed-rate jumbo mortgage rose to 4.01 percent from 3.99 percent.

Want to see where rates are right now? Compare Mortgage Rates In Your Area

Photo credit: Derek Thomson via Unsplash