Few notable mortgage rates had risen as of September 12. The Fed’s interest rate increases are raising the costs of prospective homebuyers.
Mortgage rates as of September 12, 2023 (Photo: emeritus)
Several key mortgage rates have risen as of September 12 and in the recent seven days. The average interest rates for both 15-year fixed and 30-year fixed mortgages increased. The average rate on 5/1 adjustable-rate mortgages also increased.
In the recent published article by CNET, mortgage rates vary on a daily basis. Experts advise looking around to ensure you get the best deal.
The Fed does not directly determine mortgage rates, but it does have an impact, as also notice in the mortgage rates as of September 12. Mortgage rates fluctuate on a daily basis in reaction to a variety of economic factors, including inflation, employment, and the overall economic outlook.
Lower inflation is excellent news for mortgage rates, but the possibility of additional Fed hikes this year will keep pressure on already high rates.
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According to Freddie Mac, the average 30-year fixed mortgage rate last week was 7.12%. This represents a six-point drop from the previous week.
According to Business Insider, the most prevalent sort of home loan is a 30-year fixed-rate mortgage. Where you will repay what you borrowed over 30 years with this sort of mortgage, and your interest rate will not vary for the duration of the loan.
According to Freddie Mac data, the average 15-year mortgage rate was 6.52% last week, a three-point decrease from the previous week. A 15-year fixed-rate mortgage may be a good choice for you if you want the certainty of a fixed rate but want to spend less on interest over the life of your loan.
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