Mortgage rates unlikely to dip this year, experts say
CBSN
The highest mortgage rates in more than two decades have many Americans wondering when borrowing costs could recede. For now, the answer is murky, although some analysts think that rates on home loans have likely peaked.
The path for mortgages depends as ever on the Federal Reserve's plans for its benchmark short-term lending rate. And on that score there is more certainty: Wall Street investors overwhelmingly expect policy makers to leave rates unchanged when they release their latest readout on the state of the economy on Wednesday.
The rate on a 30-year fixed-rate mortgage is 7.18% 6.51% for a 15-year loan, according to Freddie Mac data. Those rates, along with higher home prices, have made it more challenging for the average American to purchase a house.
