The national average on the 30-year, fixed-rate mortgage inched down to 6.86% from 6.87% a week prior, according to Freddie Mac’s report published on Thursday. Rates have declined for four consecutive weeks and are at the lowest since April.
The Mortgage Bankers Association is currently predicting the Federal Reserve will cut its benchmark federal funds rate twice in 2024, lowering mortgage rates to around 6.5% by the end of this year."I think the odds are still fluctuating, but that's the base case," Kan said, citing improving inflation data as the primary driver for potential falling interest rates.
"As we go forward, if we continue to see the improvement in the inflationary picture," Kan said, " more expectations that rates will come down.
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