Posted 1/2/2024, 11:41:27 AM
Home Loan Rates Dip Below 7% but Expected to Remain High in 2023
- Mortgage rates dropped over the past week - 30-year fixed fell to 6.99%, 15-year fixed to 6.31%, 5/1 ARM to 6.40%
- Rates are dropping due to less restrictive Fed policy, cooling inflation
- Mortgage market slows toward holidays, but demand could pick up in January if rates stay low
- Experts predict rates will stay near or above 7% for remainder of 2023
- Saving for a down payment, boosting credit score can help secure a competitive rate