4/15/2024 0 Comments Usda loan calculator“While softening economic data and indications from the Fed hint that the rate cut cycle could begin sooner than expected, it is worth proceeding with caution as it pertains to mortgage rates. Hometap Equity Partners head of investor product Dan Burnett.Barring any unforeseen circumstances and resurgence in inflation, lower mortgage rates could be on the horizon, but the journey towards them might be slow and bumpy.” “The ongoing deceleration in inflation, coupled with the Federal Reserve’s recent indication of potential rate cuts, suggests an environment supportive of modest declines in mortgage rates. First American deputy chief economist Odeta Kushi.As long as economic data continues to point to the rate of inflation easing toward the Fed’s goal of 2% mortgage rates will go lower for the foreseeable future.” The Fed’s pause on rates at the December meeting along with predictions of three rate cuts in 2024 has mortgage rates on the decline. “I think we can safely say that the peak of mortgage rates in this economic cycle is behind us. William Raveis Mortgage regional vice president Melissa Cohn.Overall, though, rates are expected to remain above 6% throughout. “The Federal Reserve has indicated that there will likely be cuts to the short-term federal funds rate in 2024, which will put downward pressure on mortgage rates. Insights from Economists: Detailed Predictions for Mortgage Rates in January 2024 While rates remain elevated, the Fed recently signaled that it will begin to cut rates in 2024, indicating a further downward shift in mortgage rates may soon come. Forbes Advisors Average Mortgage Rates For January 2024Ĭurrently, the average 30-year, fixed-rate mortgage is 7.23% as of January 26, according to Freddie Mac.
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