June 5-6, 2023 Mortgage Rates: Decreases and Mixed Trends

Mortgage rates have decreased over the last seven days, with 30-year fixed and 15-year fixed rates both dropping. The Federal Reserve has signaled that it may pause on rate hikes, depending on incoming inflation data, which could bring some stability to the volatile mortgage rate market. However, mortgage rates remain well above where they were a year ago, making it difficult for many buyers, particularly first-time homebuyers, to afford a monthly payment. Experts predict that mortgage rates are likely to decrease slightly in 2023, but rate volatility may continue for some time. 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.