Mortgage Rates Edge Up as Economic Indicators Show Mixed Signals

30-year mortgage rates rise slightly while 15-year rates remain steady, reflecting ongoing economic uncertainty.

The average rate for a 30-year fixed mortgage increased to 7.00%, up from 6.95% last week.
15-year fixed mortgage rates held steady at 6.50%.
Economic indicators suggest inflation is slowing, but not enough for significant rate drops in 2024.
The Federal Reserve's future rate cuts could ease mortgage rates further, but substantial decreases are unlikely before 2025.
Borrowers are advised to compare lenders and consider rate locks to secure favorable terms.