This week, the mortgage rates fell to 6.67% according to Freddie Mac. This is the lowest they have been in decades, which is great news for those looking to buy a home. However, the mortgage market is still filled with uncertainty due to the uncertain role of the Federal Reserve and United States economy.
The rest of the year is hard to predict in the mortgage rates, as many factors will be factors in their fall or rise. But some factors that may influence the situation are the interest rate cuts from the Fed, the employment rate, and inflation. The Fed has already cut interest rates twice this year, so there is the potential for more rate cuts later on in the year. It is also foreseeable that the employment rate may slow down due to the current economic climate, as well as an increase in inflation which could drive mortgage rates up.
Most Important Elements:
• Mortgage Rates: Fell to 6.67% this week according to Freddie Mac
• Uncertainty: Due to the Federal Reserve and US economy
• Interest Rates: Already cut by the Fed twice this year, possibility of more cuts
• Employment Rate: May slow down due to economic climate
• Inflation: May cause mortgage rates to increase
You can read this full article at: https://www.housingwire.com/articles/mortgage-rates-decline-again-what-does-it-mean-for-the-summer-home-buying-season/(subscription required)
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