What do the current trends for mortgage rates look like?

Aerial View of the Tourist Town of Medora, North Dakota outside of Theodore Roosevelt National Park | mortgage rate news

What’s the latest trend for mortgage rates?

A recent report from CNN Business detailed that mortgage rates dropped for a second week in a row. According to CNN’s data, the national average for a 30-year, fixed-rate mortgage was down nearly a quarter of a percentage point over the last two weeks.

Sam Khater, Freddie Mac’s chief economist, stated, “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.”

What’s the expectation for the March Fed Meeting?

Forbes offered their assessment of current sentiment among market watchers and economists for next week’s Federal Reserve meeting and announcement. The overwhelming expectation for the announcement is that the Fed will leave interest rates where they are.

Inflation is clearly down from peak levels, but it’s also stayed stickier than most predicted. We’re also still off from the Fed’s annual target of 2% inflation.

Jobs data has remained strong, and the economy has yet to show weakness that would typically require rate cuts to help spur growth. Currently, most experts believe that cuts won’t start until June, but May or July are also potential targets.

Which states have the least young adults living at home?

Moving out and getting your own place has often been considered a milestone that most twenty-somethings are excited to achieve. Nationally, about 19.1% of young adults aged 25-to-34 live with their parents.

A recent study by Realtor.com showed that the state with the lowest percentage of young adults living with their parents was North Dakota. Only 4.6% of folks in the 25-to-34 age bracket were still living at home.

In second place? South Dakota with 9.1%.

The state with the highest percentage of young adults still living at home? Hawaii with 28.1%. Hawaii also has a median home list price of $850,000, so affordability is key.


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