Mortgage Rates Rise Slightly Amid Economic Strength

The average 30-year fixed mortgage rate has increased to 6.55%, influenced by economic factors and Federal Reserve policies.

The 30-year fixed mortgage rate has reached 6.55%, marking a moderate increase from previous weeks.
Economists anticipate further stabilization as the Federal Reserve is expected to implement more rate cuts.
Current rates are still lower than last year's highs, with a notable drop of over a percentage point from October 2023.
The Federal Reserve's recent rate cut and anticipated future cuts aim to balance inflation control with labor market support.
Mortgage rates are influenced by various factors, including bond markets, economic conditions, and lender competition.