The Federal Reserve raised interest rates on March 21st, 2018 by 0.25%. It was the 6th increase since the last recession. The federal funds rates helps determine rates for credit cards, mortgages, and other consumer loans. The Federal Reserve is planning for 3 interest hikes this year to keep the economy from overheating.
Mortgage rates influenced by inflation expectation and economic outlook, but the Fed’s rates is a big factor. Current 30 year interest rates are around 4.5%. Most economists expect the rates will go up towards the end of 2018.
If you are planning to buy a home, earlier the better because both mortgage rates and housing prices are expected to rise.
(The chart is from NY Times.)