From Dow Jones & Company:

U.S. mortgage rates rose slightly to an average of 6.62% for the 30-year fixed-rate mortgage as of January 4, up 1 basis point from the previous week. Despite this increase, mortgage rates are expected to fall throughout the year, according to Freddie Mac’s chief economist, Sam Khater. The 15-year mortgage rate also decreased to 5.89%, down from 5.93% the previous week. However, potential homebuyers still face challenges due to low inventory and rising home prices. With the expectation of rate cuts from the Federal Reserve and receding inflationary pressures, mortgage rates are forecasted to continue drifting downward.



Read more: U.S. mortgage rates nudge higher, but Freddie Mac expects rates to ‘drift downwards’ into the year