Mortgage Rates in U.S. Cool After Four Weeks of Increases

(Bloomberg) -- Mortgage rates in the U.S. dipped for the first time in a month.

The average for a 30-year loan was 3.55%, down from 3.56% the prior week, Freddie Mac said in a statement Thursday. 

The dip may reassure homeowners there’s still opportunity to save money by refinancing. Still, borrowing costs are expected to increase in the coming weeks in anticipation of the Federal Reserve hiking interest rates to tame surging inflation.

“We do expect rates to continue to increase but at a more gradual pace,” Sam Khater, Freddie Mac chief economist, said in the statement. “A fair number of current homeowners could continue to benefit from refinancing to lower their mortgage payment.”  

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