It doesn't seem like that long ago that homebuyers were enjoying an extended period of record-low interest rates. Yet, here we are, at almost double the rate of just a year or so ago. While many economic and mortgage industry experts had expected that rates would stabilize in 2023 and that the Fed would begin easing interest rates by the end of 2023, the recent spate of bank failures had home buyers and investors speculating that the Fed may see it as a sign to accelerate the time table to start easing interest rates. Those hopes were dashed this week, as the Fed raised rates another quarter percentage point.
So for homebuyers who were hoping to come off the sidelines this Spring, what does this mean for mortgage rates? That's a great question. A recent USA Today report sheds some light on what homebuyers and homeowners can expect in the coming weeks and months.
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