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Current mortgage rates report for May 7, 2025: Rates move slightly up

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See Wednesday's report on average mortgage rates on different types of home loans so you can pick the best mortgage for your needs as you house shop.
On May 7, 2025, mortgage rates have seen a slight increase, with the average 30-year fixed mortgage rate rising to 7.05% from 7.02% the previous week, and the 15-year fixed rate increasing to 6.35% from 6.32%. Despite these rises, rates remain below the peak levels observed in late 2023, offering some relief to potential homebuyers. The article also discusses the impact of these rates on home affordability, noting that while higher rates increase monthly payments, a robust job market and wage growth are helping to mitigate the effects. Additionally, the article provides insights into expert predictions for future rate movements, with some analysts expecting rates to stabilize or slightly decrease later in the year, depending on economic conditions and Federal Reserve actions.

Read the Full Fortune Article at:
[ https://fortune.com/article/current-mortgage-rates-05-07-2025/ ]