As inflation ran rampant in 2022, the Federal Reserve took action to bring it down and that led to big interest rate growth. The average 30-year fixed-rate mortgage more than doubled within the course of the year.
However, with inflation cooling, the Fed starting to slow its rate hikes, and the likelihood of a recession, many experts currently believe mortgage interest rates will descend or move within a tighter range compared to the spikes we saw earlier in 2022. Of course, rates could rise on any given week or if another global event causes widespread uncertainty in the economy. Authored by Paul Centopani, Editor The Mortgage Reports
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May 2024
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