Overview

• Mortgage rates have decreased over the past week, with the 30-year fixed rate now at 6.60% and the 15-year fixed rate at 5.76%.
• The Federal Reserve's aggressive interest rate hikes to combat inflation have contributed to the high mortgage rates, impacting affordability for first-time homebuyers.
• Economists predict a slow decline in mortgage rates this year, but they are likely to remain above 6% for the remainder of 2024.
• The housing market faces challenges from a shortage of properties and high prices, exacerbated by homeowners unwilling to sell and lose low rates.
• Despite the current high rates, shopping around for mortgage rates and improving financial profiles can help homebuyers secure better deals.