Mortgage rates declined again this week, marking the lowest level in five weeks, according to data from Freddie Mac. The rate on the 30-year fixed mortgage fell to 6.35%.
EXPERTS FOR TOP MORTGAGE LENDERS DEBUNK BIGGEST MYTH ABOUT BIDEN'S RULE PUNISHING HOMEBUYERS WITH GOOD CREDIT
"Low inventory is still creating a highly competitive environment. Homebuyers are doing the right thing by taking time to understand the market, weigh their priorities and determine what fits into their budgets," he added. Federal Reserve Chairman Jerome Powell speaks during a House Financial Services Committee hearing to examine the Semiannual Monetary Policy Report to Congress, on March 8, 2023, on Capitol Hill in Washington.
Many prospective homebuyers have been pushed to the sidelines during the past year as the Federal Reserve cranked up its main borrowing rate in a bid to tamp down persistent, four-decade high inflation.Shifts in the Fed’s short-term lending rate don’t directly affect mortgage rates, but they do influence the yield on 10-year Treasury bonds, which lenders use as a guide to pricing home loans. That’s because higher rates push bonds prices lower, which then causes their yield to go up.
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