Mortgage Rates Dip Slightly as Inflation Cools, Giving Hope Fed Rate Hikes May End Soon
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Mortgage rates dropped further this week to 7.44% for 30-year fixed and 6.76% for 15-year fixed, according to Freddie Mac.
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The dip in rates comes after October inflation data showed a slight easing in consumer prices.
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Lower inflation and a cooling economy suggest the Fed may soon stop raising interest rates.
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Homebuyers are making larger down payments, with the median reaching $30,000 in Q3 2022.
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While rates are down from recent highs, they remain significantly higher than a year ago, presenting challenges for buyers.