However, any more steep declines in mortgage rates seem unlikely for now, in large part because the Fed is again talking about keeping rates higher for longer. Mortgage rates responded by free-falling from 7.21 percent to 6.88 percent in a single week. At the time, the Fed signaled several rate cuts in 2024. Mortgage rates fell sharply in mid-December as the Federal Reserve wrapped up its final meeting of 2023 with no rate hike. The average rate on 30-year fixed mortgages rose to 6.93 percent this week, up from 6.88 percent last week, according to Bankrate’s weekly national survey of large lenders. Mortgage industry insights Mortgage rates tick up In addition, though we strive to make our listings as current as possible, check with the individual providers for the latest information. Our site has comprehensive free listings and information for a variety of financial services from mortgages to banking to insurance, but we don’t include every product in the marketplace. Our advertisers do not compensate us for favorable reviews or recommendations. However, this compensation in no way affects Bankrate’s news coverage, recommendations or advice as we adhere to strict Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. In exchange for placement of sponsored products and services, or when you click on certain links posted on our site. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.īankrate is an independent, advertising-supported publisher and comparison service. Our experts have been helping you master your money for over four decades.
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