After spiking a bit toward the end of last week, mortgage rates are back down. Currently, 30-year mortgage rates are around 9 basis points lower compared to last week’s average. They could trend down further later this week. This will depend on the commentary that comes out of the latest Federal Reserve meeting.
Lower mortgage rates will provide some affordability to potential homebuyers who have been waiting to enter the market. But home prices are expected to remain flat this year and rise moderately through the next couple of years. This is according to the MBA’s forecast which means that borrowers shouldn’t expect to find any significant discounts when they do start home shopping.
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