(AURN News) – The news just does not seem to be getting better for people looking to buy a home.
Mortgage rates have now hit a one-year high. According to data from Zillow, a 30-year fixed rate is now 6.46%. A 20-year fixed rate is 6.32%, while a 15-year fixed rate is 5.86%.
Analysts and potential homebuyers will be paying close attention to what new Fed Chair Kevin Warsh announces following the next Federal Open Market Committee meeting. That is where rate decisions will be made.
Warsh is expected to announce a decision on the 29th at 2 p.m.
The Fed recently decided to hold rates, but its meeting in a couple of weeks could impact whether mortgage rates go up or down.
And it cannot be ignored that even with current Fed rates being held, mortgage rates are still high.
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