Todays Morgage Rates

The Fed's Open Market Committee raised the target federal funds rate to 3.25 percent, from the previous 3 percent yesterday. The prime rate will rise a quarter point, too, to 6.25 percent. People with variable-rate credit cards and home equity lines of credit will see their rates increase within a few billing cycles.

The Fed stated that it is going to continue raising rates for a while. The clue lay in the assertion that inflationary pressures "have stayed elevated." That was a clear signal that the rate-setting committee believes the economy needs more interest rate increases to keep prices in check.

30 year fixed rate mortgages  5.375%

15 year fixed rate mortgages  5.25%

3/1 adjustable rate mortgage  5.125%

5/1 adjustable rate mortgage 5.125%

7/1 adjustable rate mortgage  5.375%