Trending News: Rates Climbing Slowly, But Still Below 7% – What's Next?

Trending News: Rates Climbing Slowly, But Still Below 7% – What's Next?

Amidst a slight uptick in mortgage rates, there's still plenty of sunshine peeking through the clouds in the housing market. The average long-term U.S. mortgage rate nudged modestly this week but remained comfortably below the 7% mark that's been the norm for much of the year.

Currently sitting at 6.82%, just a smidge higher than last week's 6.79%, it's important to keep things in perspective. Sure, rates have inched up a bit, but they're still within a reasonable range.

Will rates move up any higher?

This depends on a variety of factors, such as what the Federal Reserve decides to do with interest rates. But overall, the current situation presents opportunities for savvy buyers to make their move.

Despite the uptick in rates, home sales are still chugging along, and there's even an uptick in available homes on the market. So, while the average rate on a 30-year mortgage might be a bit higher than it was two years ago, there's no shortage of options out there for those in the market for a new home.

In short, while the idea of rising mortgage rates might sound a bit daunting, it's not all doom and gloom. By keeping an eye on the market and staying informed with your local mortgage pro, you can confidently navigate these waters, knowing that brighter days are ahead in the housing market.

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