Overview

• 30-year fixed-rate mortgage interest rises to 6.625%, marking a 0.375 percentage point increase.
• 15-year fixed-rate mortgage interest remains unchanged at 5.750%.
• Federal Reserve officials suggest potential rate cuts three times this year, aiming to alleviate upward pressure on mortgage rates.
• First Federal Reserve rate cut anticipated in May or June, potentially lowering mortgage rates by mid-2024.
• Mortgage rates have been stubbornly high this year but are expected to trend down as the economy stabilizes.