Posted 4/9/2024, 10:00:33 AM
Mortgage Rates Hold Steady With Slight Weekly Shift; Still Pricy Housing Market Ahead
- 30-year mortgage rates increased slightly this week to 6.82%, while 15-year rates decreased slightly to 6.06%
- Rates are not expected to decrease meaningfully in the near-term due to still high inflation
- Home prices are still high but rising more slowly compared to 2020-2022
- 30-year mortgages have higher interest costs over the long run compared to 15-year mortgages
- Forecasts suggest 30-year fixed mortgage rates could end 2024 around 6.4%, so a small drop is expected but not drastic