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Current Home Loan Rates in 2023 | The Neighborhood Minute March 2023

03/09/2023 - Financial Wellness & Life Planning

The Neighborhood Minute: Get the News on Current Home Loan Rates

Hope for the Housing Market as Rates Hold Steady

Current home loan rates are fluctuating very little after the Federal Reserve’s minimal interest rate hike in early February. Another small hike is expected when the Fed meets again in March. Housing market experts seem to have an optimistic outlook, predicting that rates peaked last year. Let’s take that as a win, even if it’s a small one for the time being.

Keep scrolling to find out why an adjustable-rate mortgage could be your best option, how HELOC rates are rising and more housing market news.

March’s Mortgage Trend Report

Mortgage Interest Rate Forecast

  • The Fed’s interest rate hike in early February—its eighth consecutive one—has had minor effects on mortgage rates.
  • Home loan rates today remain lower than the 20-year high they hit in fall 2022.
  • Rate fluctuation is expected as the Fed continues to raise the benchmark rate.
  • Experts predict current home loan rates will remain higher than last year’s but aren’t expected to rise dramatically in 2023.
  • Plan for another small interest rate hike by the Fed at its next meeting on March 21.

Noteworthy Home Buying Market News

  • Rates for 30- and 15-year fixed mortgages remain historically high but are under the 7% mark.
  • Adjustable-rate mortgage options are sitting at lower rates and seeing little fluctuation.
  • Home equity line of credit (HELOC) rates are rising.
  • Experts predict HELOC rates will stay high throughout the year, peaking at close to 8%.

2¢ Worth of Wisdom

Q: Is an adjustable-rate mortgage right for me?
A: Adjustable-rate mortgage options come with the risk of unpredictable monthly payments, but ARMs do benefit certain homebuyers. If you’re buying short-term, are planning to refinance, or have a consistent and reliable cash flow, an adjustable-rate mortgage might be right for you.

—Ed Hensley, Executive Vice President & Manager, Residential Lending


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