A "For Sale" sign stands near a housing lot in Buffalo Grove, Ill., Monday, March 20, 2023. On Thursday, Freddie Mac reports on this week’s average U.S. mortgage rates. what's typically the housing market's busiest stretch of the year.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, lifting the average rate to 6.47% from 6.44% last week. A year ago, it averaged 5.76%, Freddie Mac said. In its latest interest rate policy statement Wednesday, the Fed said it doesn't plan to cut interest rates until it has "greater confidence" that price increases are slowing sustainably to its 2% target."Recent data reflects a surprisingly resilient economy, which means rate cuts expectations have pushed out further into the back half of the year," said Hannah Jones, senior economic research analyst at Realtor.com.
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