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This week Freddie Mac reported that the average rate on the 30-year fixed-rate home loan dropped down from 3.11% the previous week to 3.10% last week, the rate was 2.71% in 2020.
There was a dip in the average rate on a 15-year mortgage from the previous week 2.39% to 2.38% last week a year back, the rate was 2.26%.
As the Federal Reserve pivots from the easy money policies it adopted in the spring of 2020 the economists are expecting the interest rates to increase in the coming months.
Recently the Federal Reserve Chair Jerome Powell indicated that the central bank would tighten the credit more quickly. As the central bank will reduce its bond purchases it could lead to the Fed hiking its benchmark interest rates.
The U.S. housing market saw a huge demand during the pandemic as more and more people were working from home.
Taking advantage of the low-interest rates, but they faced challenges due to the low supply of homes for sale and increasing home prices.
Reference Source: Spokesman
