Washington CNN —
Mortgage rates have taken would-be buyers on a ride this year — and it’s only March.
Generally, home buyers can anticipate mortgage rates to move down through the rest of this year as the banking crisis drags on, which could cool down inflation.
But there are bound to be some bumps along the way. Here’s why rates have been bouncing around and where they could end up.
After steadily rising last year as a result of the Federal Reserve’s historic campaign to rein in inflation, the average rate for a 30-year fixed-rate mortgage topped out at 7.08% in November, according to Freddie Mac. Then, with economic data suggesting inflation was retreating, the average rate drifted down through January.
But a raft of robust economic reports in February brought concerns that inflation was not cooling as quickly or as much as many had hoped. As a…
2023-03-24 11:29:24
Source from www.cnn.com