Mortgage Rates Rise, Expected to Drop by Mid-2024

As inflation slows and the Federal Reserve hints at rate cuts, experts predict a decrease in mortgage rates by the peak homebuying season.

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.