Mortgage Rates Hold Steady on June 26, 2023

The average interest rates for both 15-year fixed and 30-year fixed mortgages both grew, while average rates for 5/1 adjustable-rate mortgages sagged. The Federal Reserve has paused rate hikes, but experts say a pause in rate hikes from the Fed could bring some stability to today's volatile mortgage rate market. Mortgage rates are likely to decrease slightly in 2023, although they're highly unlikely to return to the rock-bottom levels of 2020 and 2021. Homebuyers should focus on getting the best rate they can for their situation by improving their credit score, saving for a down payment, and comparing rates and fees from multiple lenders.