Federal Reserve Chair Janet L. Yellen
said Friday that a March rate hike would be “appropriate” if the economy continues to evolve as expected. Speaking in Chicago, Yellen cited a strong job market and rising inflation, signaling that the Fed would move to raise rates earlier than expected.
The 30-year fixed-rate mortgage average decreased to 4.10 percent with an average 0.5 point. It was 4.16 percent a week ago and 3.64 percent a year ago. The 15year fixed-rate average dropped to 3.32 percent with an average 0.5 point. It was 3.37 percent a week ago and 2.94 percent a year ago.