Mortgage rates rise to 6.7%, Fed decision awaited

Mortgage rates have increased to about 6.7% after a seven-week decline. Investors are awaiting the Federal Reserve's interest rate forecast amid concerns about inflation and recession. The Fed is expected to maintain current rates at its upcoming meeting. The Fed's decisions will influence mortgage rates, which are projected to remain above 6% for the year. Economic factors, including trade policies and employment data, are causing fluctuations in the market. A significant drop in rates is unlikely without a severe economic downturn. Homebuyers are advised to prepare by improving credit scores, saving for larger down payments, and comparing mortgage offers. The current housing market remains challenging due to high prices and a shortage of available homes.