Mortgage rates inched up this week, but it may be the last time that rates rise for awhile.
Freddie Mac reported 6.43% as the average on a 30-year mortgage on Thursday, up 4 basis points compared to last week. In this week's announcement, Freddie Mac chief economist Sam Khater hypothesized that lower inflation could be a good sign for homebuyers.
“The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023,” Khater said in a release. “Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home.”
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/are_lower_mortgage_rates_on_the_horizon/20958.
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