June 12, 2023 Mortgage Rates Continue to Rise.

Mortgage rates have seen an increase in the last seven days, with the average interest rates for both 15-year fixed and 30-year fixed mortgages being driven higher. The Federal Reserve has signaled that it may soon be time to pause on rate hikes, depending on incoming inflation data. Cooling inflation and positive signals from the Fed may ease some of the upward pressure on mortgage rates. Homebuyers should focus on improving their credit score and saving for a down payment to increase their odds of qualifying for the lowest rate available.