"August 27, 2023: Mortgage Interest Rates Remain High Despite Minor Dips"

Despite some dips, mortgage interest rates remain high due to rising inflation and the Federal Reserve's decision to increase rates. If inflation calms down and the Fed stops hiking rates, mortgage rates could potentially decrease. Currently, 30-year fixed mortgage rates are around 6.5%, while 15-year fixed rates are lower but still high. Adjustable-rate mortgages have an introductory fixed period before adjusting periodically based on market conditions. As inflation recedes, mortgage rates are expected to decrease somewhat, but they will likely remain in the 6% to 7% range in the near term. Homeowners may consider leveraging their home's value through a home equity line of credit (HELOC) while waiting for mortgage rates to ease.