Mortgage rates held steady last week, with the 30-year fixed average just below 6.5%, and the 15-year fixed sitting just below 5.75%.
This holding pattern in the mid-6% territory is largely driven by the Federal Reserve pausing rate cuts in the face of stubborn inflation and strong employment numbers. Until there is clear evidence that the economy is cooling down, industry experts anticipate that rates will remain parked right where they are.
For now, prospective buyers and those looking to refinance can at least count on a predictable—even if elevated—borrowing environment.