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Story summary
- The Mortgage Bankers Association projects the 30-year fixed mortgage rate will stay above 6% through 2028.
- Current rates are around 6.28%, up from previous days, as deficits and inflation push borrowing costs higher.
- Even with potential Federal Reserve rate cuts, long-term mortgage rates may not decline significantly.
- There may be brief periods of lower rates that create refinancing opportunities, so homebuyers should monitor rates and lock in favorable quotes.
