Mortgage Rates Still High Despite Fed Pause on Rate Hikes - Lock in Current Rates Before They Climb Higher
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The Fed has paused interest rate hikes, keeping rates unchanged for now. This provides some breathing room for borrowers.
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Current mortgage rates remain elevated, around 8% for a 30-year fixed rate loan.
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It may make sense to lock in a mortgage rate now before rates potentially go even higher with the next Fed hike.
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Buyers can get lower rates by buying mortgage points, getting an adjustable-rate mortgage, or finding an assumable mortgage.
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With inflation still high, the Fed will likely raise rates again, so act soon to lock in today's rates before they increase further.
