From the Wall Street Journal. Mortgage-interest rates have fallen to their lowest level in six months, and may struggle to surpass last fall’s peak by the end of the year. Such a development could be a boon for the housing market slowed by a rise interest-rates that began a year ago.
Interest rates on 30-year fixed-rate mortgage averaged 4.21% in the past week, Freddie Mac said Thursday. That’s down from 4.29% in the prior week and the lowest level since the week of November 7. And Freddie Mac Chief Economist Frank Nothaft isn’t expecting a quick rebound.
Mortgage rates will “just gradually rise, very slowly” this year, he said Wednesday during an economic forecast event at the U.S. Chamber of Commerce. Mr. Nothaft expects rates to rise to between 4.6% and 4.7% by the end of the year. For the full article click here.