Navigating the Fluctuating Mortgage Rates and Housing Affordability Crisis

Mortgage rates have seen mixed movement over the past week, with average 15-year fixed rates increasing slightly and average 30-year fixed rates decreasing slightly. The 5/1 adjustable-rate mortgage saw a slight increase. The Federal Reserve's recent interest rate hike could impact mortgage rates, but experts believe the markets may have already factored it in. Homebuyers are advised to focus on improving their credit scores, saving for a down payment, and comparing rates and fees from multiple lenders to secure the best deal. Mortgage rates are expected to remain in the 6% to 7% range, with a potential decrease if inflation continues to decline and the Fed cuts rates. However, rates are unlikely to return to the historically low levels of previous years.