Mortgage Rates Climb to New Highs as Economic Uncertainty Persists

Freddie Mac reports increases in average mortgage rates, with expectations for modest decreases later in the year.

30-year fixed mortgage rates now average 7.08%, up from 7.00% last week.
15-year fixed mortgage rates have risen to 6.53%, showing a slight increase.
The Federal Reserve maintains its benchmark rate, with potential cuts anticipated later in 2024.
Inflation is cooling, but mortgage rates are not expected to drop quickly.
Home prices are likely to rise due to limited supply and high demand.