The average rate for a 30-year mortgage slightly increased this week but remains near its lowest level in more than a year. According to Freddie Mac, the rate climbed to 6.49% from 6.47% the previous week, although it was 7.09% a year ago. Meanwhile, 15-year fixed-rate mortgages, popular among homeowners looking to refinance, also saw a slight increase to 5.66% from 5.63% last week, with the rate at 6.46% a year ago.
Despite the slight rise, experts predict that mortgage rates will continue to decrease throughout the year. This forecast is driven by indications of decreasing inflation and a cooling job market, leading to expectations that the Federal Reserve may lower its benchmark interest rate next month for the first time in four years.