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Mortgage Rates May Stay Higher Longer—Now What?
As the chart above shows, inflation has been trending higher in recent months, which is one reason mortgage rates have remained stubbornly elevated.
You've probably also seen headlines about inflation creeping higher again, which could mean mortgage rates stay elevated longer than many buyers were hoping. While rates remain a factor, we're still seeing buyers and sellers successfully reach their goals. Inventory remains relatively limited, and well-priced homes continue to attract attention.
For buyers, it's worth remembering that there are financing options available beyond the traditional 30-year fixed mortgage, including adjustable-rate mortgages (ARMs), temporary rate buydowns, and various down payment assistance programs. As always, the best time to buy or sell depends on your personal situation, not the latest headline.
According to Freddie Mac, as of today, national average mortgage rates are approximately:
- 30-year fixed: 6.48%–6.52%
- 15-year fixed: 5.79%–5.91%
- 5/1 ARM: 5.69%–5.70%
If you're considering a move, please reach out and I'd be happy to connect you with a trusted lender to explore your options.
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