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Mortgage Rates Dip Slightly but Expected to Rise Amid Economic Uncertainty

As central banks continue aggressive rate hikes to combat inflation, mortgage rates are anticipated to increase, impacting affordability for first-time homebuyers.

housing market
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Overview

  • Mortgage rates have decreased slightly over the past week, with the 30-year fixed rate at 6.60% and the 15-year fixed rate at 5.76%.
  • High inflation and central bank policies, including the Fed's, are expected to drive mortgage rates up in the near term.
  • Geopolitical tensions and the strong job market add to the economic uncertainty, influencing mortgage rate trends.
  • Analysts advise shopping around for mortgage rates and improving financial profiles to secure the best deals amid rising rates.
  • Investor expectations of Federal Reserve policy changes are a key factor in mortgage rate fluctuations, with potential rate cuts anticipated by mid-year.