This week mortgage rates edged higher as investors reacted to the Federal Reserve meeting held last week. The commentary outcome from the meeting has set a precedent that key economic indicators such as inflation are likely to rise in the coming months, as the economy continues its recovery post-pandemic.

The current conditions has led investors to forecast that interest rates will remain ‘high-for-longer’, affecting the borrowing costs of homebuyers who are seeking mortgages. As a result, short-term mortgage rates increased slightly this week, although mortgage products remain historically low.

Key Elements:
-Fed meeting determined ‘higher-for-longer’ conditions
-Shorter-term mortgage rates have increased slightly
-Mortgage products remain historically low
-Investors are reacting to post-pandemic economic conditions
-Key economic indicators such as inflation are expected to rise

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