Mortgage rates have been bouncing around lately, and after wandering upward last week, they tumbled this week following mixed housing reports, The Washington Post reported yesterday. News that the Federal Reserve had removed the word “patient” from its latest guidance, signaling that higher rates might be on their way, came too late to have an effect on home loans this week. Many expect the Fed to begin raising the Federal Funds rate at some point this year, which would push mortgage rates higher. According to data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 3.78 percent with an average 0.6 point. It was 3.86 percent a week ago and 4.32 percent a year ago. The 15-year fixed-rate average dropped to 3.06 percent with an average 0.6 point. It was 3.1 percent a week ago and 3.32 percent a year ago.
