Mortgage Interest Rates Forecast
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Mortgage rates this week
Mortgage rates rose in the week ending Jan. 16, with the average 30-year mortgage rate reaching over 7% for the first time since May 2024.
The 30-year fixed-rate mortgage averaged 7.06% APR, up 13 basis points from the previous week's average, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.
The 15-year fixed-rate mortgage averaged 6.26% APR, up eight basis points from the previous week's average.
The 5-year adjustable-rate mortgage averaged 7.41% APR, up seven basis points from the previous week's average.
Mortgage interest rates clearly did not make a resolution to slim down in the new year. In fact, the average 30-year mortgage rate hit its highest point in nearly eight months. It might not all be doom and gloom, though — core data from the latest Consumer Price Index (CPI) report has surprised economists, showing that inflation decelerated for the first time in four months during December. It’s probably not enough to convince the Fed to go ahead with another rate cut in January, but it does bolster the possibility of a cut in March.
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