Inflation is running hotter, making mortgage rates more volatile, with the expectation that they could move in the 6% to 7% range over the next few weeks.
The 30-year fixed-rate mortgage averaged 6.32% in the week ending February 16, up from 6.12% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 3.92%. After climbing for most of 2022, mortgage rates had been trending downward since November, as various economic indicators indicated inflation may have peaked.
“While the Fed signaled that it will continue to raise rates this year, the moves are expected to come in 25 basis point increments, a less aggressive tightening than what we saw in 2022,” said Ratiu. “The central bank is acknowledging that it sees its monetary actions having a tangible effect on inflation. The CPI data out this week seems to confirm the bank’s views.
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