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On Wednesday, July 26, the Federal Reserve again decided to raise interest rates for the 11th time in 17 months in a continuing effort to counter inflation. Even though the hike bumped interest rates from 5.1% to 5.3%, the actual impact on the mortgage rates should be minor, at most.
While the federal reserve’s interest rates do play an important role in determining mortgage rates, they are independent of one another, and mortgage rates are created from a combination of financial markets and individual application details.