Mortgage rates slightly lower ahead of new data
New inflation metrics and jobs data are expected to be released before the weekend, but the national average rate for a 30-year, fixed-rate mortgage was slightly lower on Wednesday. It ended the session at 6.62%*, down 0.02% from the previous close.
The bond market made a large move at the end of the day. To some traders, this signals that more moves could follow as this could be the start of a greater trend.
Fed Chair Powell speaks, suggest smaller rate hikes on the way
Federal Reserve chairman Jerome Powell spoke at the Brookings Institute on Wednesday. He signaled that smaller rate hikes could be coming as soon as the December 14th meeting. He also expects to keep the costs of borrowing higher for longer to get the economy on stable footing. He did see inflation easing several key sectors, but the labor market was still a challenge.
Is 2023 the year of the home buyer?
Realtor.com announced its bold predictions for 2023.
The prediction that should make prospective home buyers happiest is that they expect home inventory to increase by 22.8% from current levels. This means that homebuyers should see a lot more options on the market than currently available.
In addition to their inventory prediction, the experts at Realtor.com expect mortgage rates to stay elevated from the historic lows in 2021 but should retreat before the end of 2023. They also expect housing prices to continue to rise, but at a slower rate.
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