The supercharged rate hikes have ballooned loan costs for mortgages, car loans and credit cards, weighing on the budgets of U.S. households or forcing them to delay buying big-ticket items.
The average 30-year fixed-rate mortgage rate stands at 6.6%, a sharp increase from a year ago, when it registered at 4.6%, aA for sale sign is posted in front of a home on March 22, 2023 in San Anselmo, California.
"When you raise rates a lot it can feel like slamming the brakes and be pretty uncomfortable for passengers," Levin said. Mortgage rates inched downward for the second week in a row, according to data released by Freddie Mac on Thursday. The financial distress has heightened recession fears, prompting investors to expect a significant lowering of interest rates over the next 12 to 18 months, which in turn has pushed down mortgage rates, Levin said.
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