U.S. Long-Term Mortgage Rates Rise After 9 Weeks of Decline 📈

Average Long-Term , Mortgage Rates Climb, , Ending 9-Week Slide.<br />'The Independent' reports that <br />average long-term mortgage rates in <br />the United States edged higher this week. .<br />On January 4, mortgage buyer Freddie Mac said that <br />average rates for a 30-year mortgage climbed to 6.62%, <br />ending a nine-week slide, offering buyers some relief. .<br />Average rates for 15-year fixed-rate mortgages fell <br />slightly over the same time, bringing the average <br />rate down to 5.89% from 5.93% last week. .<br />At the same time in 2023, <br />30-year mortgages were at 6.48%, <br />and 15-year fixed-rates were at 5.73%. .<br />Mortgage rates hit 7.79% in late October, <br />a record high since late 2000.<br />'The Independent' reports that the Federal Reserve <br />has paused its rate-hiking campaign at its last <br />three meetings, offering financial markets a boost. .<br />Given the expectation of rate cuts <br />this year from the Federal Reserve, <br />as well as receding inflationary <br />pressures, we expect mortgage <br />rates will continue to drift <br />downward as the year unfolds, Sam Khater, Freddie Mac’s chief economist, via 'The Independent'.<br />Economists have predicted average rates <br />for 30-year mortgages to decline in 2024, however <br />forecasts have not seen rates falling below 6%.<br />While lower mortgage rates <br />are welcome news, potential<br />homebuyers are still dealing <br />with the dual challenges of <br />low inventory and high home <br />prices that continue to rise, Sam Khater, Freddie Mac’s chief economist, via 'The Independent'.<br />Home prices have continued to climb due to a persistently <br />low supply of available properties, leading sales of <br />previously-owned U.S. homes to slump 19.3% in 2023.