US 30-year fixed mortgage rate could break 6%

The US housing market has rapidly stalled as mortgage rates surged but there's a sliver of help on the way.

Late yesterday, Mortgage News Daily reported that US 30-year fixed rates are down to 6.07%, which is the lowest since September. Give the falling long-end yields in the past two days, we should be seeing a fall below 6% imminently.

As it stands, home construction is set to be a big drag on GDP in 2023. This week, homebuilder KB Home reported orders were down 80% in the most recent quarter along with soaring cancellation rates. A wave of other builders are set to report before month end but the market has recently grown more constructive on home builders in a sign of optimism on inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term/rates.