The Federal Reserve's flurry of interest rate hikes since March 2022 have taken a toll on home buyers, pushing the typical mortgage rate above 8%, a level not seen since 2000. On Wednesday, the Federal Reserve is set to make another interest rate decision that could impact the home loan market.The central bank is expected to hold rates steady at its November 1 meeting, according to economists surveyed by FactSet.
Will mortgage rates go down in 2024?Still, mortgage rates could ease in 2024, with economists forecasting the Fed could start to cut rates by mid-year, according to FactSet.'We don't expect additional Fed rate hikes this year — we think they will pause into next year, and we expect there to be a first rate cut sometime probably toward around the second quarter,' noted Matt Vance, senior director and Americas head of multifamily research for real estate company CBRE.