Homebuyers are embracing mortgage rates dipping closer and closer to 6%. Rates fell for the fifth week in a row as inflation continues to ease.
The 30-year fixed-rate mortgage averaged 6.27% in the week ending April 13, down slightly from 6.28% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5%. “Incoming data suggest inflation remains well above the desired level but showing signs of deceleration,” said Sam Khater, Freddie Mac’s chief economist.
“Even if the Fed needs to raise short-term rates a bit higher, we are very likely nearing the end of the tightening cycle.” The Fed does not set the interest rates that borrowers pay on mortgages directly, but its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasury bonds, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions.
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