Mortgage Rates Hold Steady Near 8% Despite Slight Dip; Home Affordability Hits 40-Year Low
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Mortgage rates remain high, with 30-year fixed rates around 8% and 15-year fixed rates at 7.2%. Rates dipped slightly after the Fed's recent decision to pause rate hikes.
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Home affordability is at a nearly 40-year low due to high prices, rising rates, and slow wage growth. Mortgage applications are down.
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Experts expect rates to stay near current levels through the end of 2022. Long-term economic improvements could ease upward rate pressure.
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ARMs are gaining popularity due to lower upfront rates. But fixed rates offer more long-term stability.
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Shop around and compare total costs when choosing a mortgage. Talk to multiple lenders to find the best rate for your situation.