US Long-Term Mortgage Rates Continue to Rise for Second Week.
TL;DR Summary
The average rate on a 30-year fixed mortgage rose to 6.43% this week, up from 6.39% a week ago, marking the second consecutive week of increase, according to Freddie Mac. However, the rate of inflation decelerating should lead to a gentle decline in rates over the course of 2023. The housing market has stabilized from a sales and house price perspective, according to Sam Khater, Freddie Mac’s chief economist. Meanwhile, the average rate on a 15-year fixed mortgage fell this week to 5.71%.
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