helligar_realty

Mortgage rates leveled off this week but remain elevated. Despite continued high rates, low
inventory is keeping house prices steady.

Mortgage rates climbed this past week, breaking a three-week streak of declines. The average for a 30-year, fixed loan rose to 6.71% from 6.67% last week, Freddie Mac said in a statement Thursday. Federal Reserve Chair Jerome Powell said that at least two more interest-rate increases would likely be necessary by the end of the year to calm inflation. Yesterday's readings on jobless claims and the gross domestic product showed the US economy is in better shape than many had envisioned at the start of 2023. While key gauges of inflation closely watched by the Fed have been revised down, they still remain well above the central bank's 2% target.