Mortgage rates have increased again this week, though the shifts are relatively small. According to Freddie Mac, the average 30-year fixed rate has risen by two basis points to 6.93%, and the 15-year fixed rate is up one basis point to 6.14%.

So, why are mortgage interest rates still so high? First, the market is waiting to see how Trump’s second term will impact the U.S. economy and housing market. Second, mortgage rate trends tend to follow the 10-year Treasury yield, which has been rising for the last month. Third, it looks unlikely that the Federal Reserve will cut the federal funds rate at its January meeting. All this to say — don’t expect rates to plummet anytime soon. If you want to buy a house sooner rather than later, holding out for lower rates might not be worth it.

 

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