Mortgage Rates Decline to Lowest Level in Four Months, 2023 Recession ‘Still an Issue’

U.S. mortgage rates for 30-year fixed-rate loans have fallen to their lowest in four months amid a slowdown in the pace of interest rate hikes by the Federal Reserve and a decrease in home sales last year, with some experts predicting the easing down of mortgage rates to be the trend for 2023.
The average rate on a 30-year fixed-rate mortgage for the week ended Jan. 18 was 6.15 percent, down from 6.33 percent a week back, according to data from mortgage lender Freddie Mac. “As inflation continues to moderate, mortgage rates declined again this week. Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment. Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern.”…