Mortgage rates plateau after another round of Fed hikes
A year ago, the housing market was on fire, with far more buyers than affordable properties available. This drove up prices and, with historically low interest rates for mortgages, many have been able to lock in an affordable monthly payment. However, with the Federal Reserve raising its base rate, the mortgage market followed, excluding some potential buyers from the market, causing a slowdown in many areas.
After the latest rate hikes were announced just over a week ago, the rate of a mortgage over thirty years continued to fall, but those of 15-year loans increased slightly. We will continue to monitor these trends as further announcements from the central bank.