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Mortgage rates inched up following testimony from Federal Reserve Chair Jerome Powell in which he suggested that the Fed may need to hike the federal funds rate faster than expected to bring inflation down.
“If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes,” Powell said in prepared remarks to the Senate Banking Committee on Tuesday. “Restoring price stability will likely require that we maintain a restrictive stance of monetary policy for some time.”
Mortgage rates have been increasing over the past few weeks in response to strong economic data. Until the Fed can tame inflation, it’s likely that rates will remain elevated.
Mortgage Rates Today
Mortgage Refinance Rates Today
Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.
Click “More details” for tips on how to save money on your mortgage in the long run.
30-Year Fixed Mortgage Rates
The current average 30-year fixed mortgage rate is 6.65%, according to Freddie Mac. This is an increase from the previous week.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.
The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you’ll have a higher rate than you would with shorter terms or adjustable rates.
15-Year Fixed Mortgage Rates
The average 15-year fixed mortgage rate is 5.89%, an increase from the prior week, according to Freddie Mac data.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate …read more
Source:: Business Insider