Current Rate Trends
The average rate on a 30-year mortgage in the U.S. decreased to 6.81% from 6.83% the previous week, marking a slight easing but remaining near two-month highs.
Similarly, the average rate for 15-year fixed-rate mortgages fell to 5.94%, down from 6.03% last week, continuing a trend from a year ago when it averaged 6.44%.
Market Dynamics and Predictions
Mortgage rates are influenced by factors like global demand for U.S. Treasurys, the Federal Reserve’s policies, and inflation expectations, with recent volatility linked to economic policy uncertainties.
Despite the slight dip, high mortgage rates continue to impact home sales and applications, with expectations of remaining volatile but generally predicted to hover around 6.5% for the year.