Mortgage Rates Slightly Lower But Remain High as Economy Cools
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Mortgage rates have decreased slightly in recent weeks as signs emerge that the US economy is cooling. However, rates remain relatively high.
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The average 30-year fixed mortgage rate is currently 7.76%, down from 7.79% last week.
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15-year fixed rates are unchanged over the past week at 7.03%.
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Mortgage rates may continue to inch downward if inflation declines consistently, but likely won't drop dramatically in the near term.
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Homeowners can consider a home equity line of credit for affordable borrowing while waiting for mortgage rates to decrease more significantly.