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6.69%: Mortgage Rates Drop Slightly As Fed Signals Rate Hike Pause

  • June 15th 2023

by UrbanTurf Staff

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Long-term interest rates dropped ever so slightly this week as the Federal Reserve hits pause on rate hikes. 

Freddie Mac reported 6.69% as the average on a 30-year mortgage on Thursday, down two basis points compared to last week. 

“As inflation continues to decelerate, economic growth is slowing and the tightening cycle of monetary policy is reaching its apex, which means mortgage rates are expected to decrease later this year and into next.” Sam Khater, Freddie Mac’s Chief Economist, said in a release. 

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

This article originally published at https://dc.urbanturf.com/articles/blog/669_mortgage_rates_drop_slightly_as_fed_signals_rate_hike_pause/21147.

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