Mixed Mortgage Rates Amid Global Economic Uncertainty

As central banks combat inflation with rate hikes, analysts predict further upward trend in mortgage rates, potentially impacting housing affordability.

• The 30-year fixed mortgage rate is 6.66% for the week ending January 11, 2024, according to data from Freddie Mac, representing an increase of 0.04% from a week ago.
• The 15-year fixed rate mortgage stands at 5.87%, which is 0.02% lower than a week prior.
• High interest rates persist as central banks globally, including the Fed, combat high inflation with aggressive interest rate hikes, slowing global economic growth and fueling recession fears.
• Geopolitical tensions from the ongoing war in Ukraine and conflict in the Middle East have further clouded the economic outlook.
• Analysts expect mortgage rates will continue trending upward in the near term, potentially placing more affordability pressure on the housing market, especially impacting first-time homebuyers.

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