Mortgage Rates Inch Up, Odds of Rate Hikes As WellFebruary 10, 2023
Having briefly slipped under 6 percent, the average rate for a benchmark 30-year mortgage inched back up to 6.12 percent over the past week as the fed confirmed expectations for at least one more rate hike, and more likely two, over the next quarter, moves that shouldn’t catch any plugged-in readers, other than the most obstinate, by surprise.
As such, the average rate for a 30-year mortgage remains over 240 basis points, or 66 percent, higher than at the same time last year and nearly 350 basis points, or 130 percent, higher than its all-time low of 2.65 percent in early 2021, with the probability of the Fed hiking rates by at least 50 more basis points over the next couple of months having ticked over 70 percent.
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UPDATE: Benchmark Mortgage Rate Keeps Ticking Up
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