And the rates keep climbing…

As of August 22, 2023, the average 30-year fixed mortgage interest rate stood at 7.62%, up from 7.51% just a week before.

The hope is that as inflation continues to slow down and eventually decline, the Fed will stop raising rates and – hopefully – cut them.

Certainly, the rest of 2023 is going to be volatile but Fanny Mae is expecting the average 3–year fixed mortgage rate to be around 6.6% at the end of the year.

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