Mortgage Rates Tick Up

Update from C.A.R.

The 30-year fixed-rate mortgage rose this week, up from last week’s average of 6.36%. Rates remain below last year’s at this time, when the 30-year FRM averaged 6.86%.

Overall, economic indicators have remained relatively steady in recent weeks. Consumer spending, hiring, and business sentiment have held up better than expected, although inflation continues to pose a lingering risk that could delay meaningful relief in interest rates. Even so, the economy’s underlying resilience offers reason for cautious optimism as markets look ahead to a more stable path in the second half of the year.