Jerome Powell speaking a news conference Wednesday, Dec. 14, 2022 (Source: Federal Reserve). Jerome Powell speaking a news conference Wednesday, Dec. 14, 2022 (Source: Federal Reserve).

The Federal Reserve said Wednesday it expects to raise rates about 60 basis points in 2023, after a year in which rates zoomed from close to zero to nearly 4.5%.

One result will be an easing of mortgage rates, which topped 7% this fall and were at 6.4% last week. Mike Fratantoni, chief economist of the Mortgage Bankers Association, said he expects the rates to drift down to about 5.2% by the end of next year.

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Jim DuPlessis

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