Mortgage Rates at Lowest Point Since November and Heading Down
Posted by Cary W Porter on
The 30-year fixed-rate mortgage continues to tick down,” writes Freddie Mac in its weekly mortgage rate report released Thursday. Indeed, the average weekly 30-year-fixed rate mortgage now sits at 6.64%, down slightly from the week prior, and more significantly down from the above-7% rates we saw in January.
In April, mortgages are likely to remain in the 6.5% to 7% neighborhood, says Greg McBride, chief financial analyst at Bankrate.
He adds that “they could fall beneath that range if there were signs of economic weakness but be careful what you wish for.” Ideally, McBride says we like to see mortgage rates fall because inflation pressures are subsiding rather than due to economic weakness, but concerns about inflation are still front and…
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