Mortgage Rates Still High Despite Fed Pause on Rate Hikes - Lock in Current Rates Before They Climb Higher

The Fed has paused interest rate hikes, keeping rates unchanged for now. This provides some breathing room for borrowers.

Current mortgage rates remain elevated, around 8% for a 30-year fixed rate loan.

It may make sense to lock in a mortgage rate now before rates potentially go even higher with the next Fed hike.

Buyers can get lower rates by buying mortgage points, getting an adjustable-rate mortgage, or finding an assumable mortgage.

With inflation still high, the Fed will likely raise rates again, so act soon to lock in today's rates before they increase further.