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MNI INTERVIEW:US Mortgage Rates Have Likely Peaked-Freddie Mac

(MNI) Washington

Strong household balance sheets could stave off a U.S. recession if mortgage rates have peaked, a Freddie Mac economist says.

U.S. mortgage rates look like they have already peaked and home prices are not likely to fall on a national basis, boosting the chances the broader economy will dodge recession, Freddie Mac deputy chief economist Len Kiefer told MNI.

The rate on 30-year fixed mortgages has surged more than 2 percentage points to around 5.5% since the start of the year, as the Fed signaled increasing concern over 40-year high inflation and its resolve to keep raising interest rates until those pressures subside convincingly.

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U.S. mortgage rates look like they have already peaked and home prices are not likely to fall on a national basis, boosting the chances the broader economy will dodge recession, Freddie Mac deputy chief economist Len Kiefer told MNI.

The rate on 30-year fixed mortgages has surged more than 2 percentage points to around 5.5% since the start of the year, as the Fed signaled increasing concern over 40-year high inflation and its resolve to keep raising interest rates until those pressures subside convincingly.

Keep reading...Show less