Mortgage rates have maintained a steady decline in the US. 

According to press reports, the fixed rate moved from 6.48 percent to 6.33 percent.

However, the market remains hypersensitive as the demand for purchase is high. 

New data revealed today that prices were moderate throughout December, which is favorable for people looking for lower and more stable mortgage rates.

The Mortgage Bankers Association expects mortgage rates to move lower over the course of the year, which should bring homebuyers back into the market. 

Mortgage rates more than doubled in 2022, but hopeful homebuyers may soon see some relief from sky-high borrowing costs.

Nadia Evangelou, a senior economist and director of forecasting at the National Association of Realtors (NAR), is forecasting that mortgage rates will drop below 6% in the spring and summer months of 2023. She cites easing inflation and smaller rate hikes by the Federal Reserve as the reasons the drop is likely.

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Readers Bureau, Contributor

Edited by Jesus Chan

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