Over the past week, some important borrowing rates have gone down. The rates for both 15-year fixed and 30-year fixed mortgages went down. The most popular type of adjustable-rate mortgage, the 5/1 adjustable-rate mortgage, also saw its average rate go down.
The Federal Reserve slowed down at its June meeting after raising interest rates 10 times since March 2022. For now, the central bank’s target federal funds rate will stay between 5% and 5.25%. However, the Fed hasn’t ruled out further increases if inflation doesn’t keep going down.
As long as inflation keeps going down, experts say that the Fed should stop raising interest rates. This could calm down the wild mortgage rate market. Read the full story here ▶
