If you're thinking about buying a home or refinancing, your mortgage interest rate is probably top of mind. But understanding why these rates fluctuate and how they directly impact your wallet can be more complex than it seems.
Mortgage rates are trending because the Federal Reserve's actions directly influence them, creating uncertainty for homebuyers.
The Federal Reserve recently held its benchmark interest rate steady, but its previous aggressive hikes to combat inflation have pushed mortgage rates to multi-decade highs, impacting affordability and market activity.