When will mortgage rates fall? Experts say these 4 things need to happen first

The average 30-year mortgage loan rate is sitting just above 7% this week after hitting a 2024 high of 7.22% earlier in the month. That may seem high, but overall, mortgage rates have stabilized since late 2023 after climbing rapidly due to the Federal Reserve's 11 rate hikes in 2021 and 2022, which were done in an effort to slow skyrocketing inflation. During that time, mortgage rates jumped from an average of 2.65% in early 2021 to 7.79% in October 2023.

Explore today's top mortgage loan options online now.The inflation rate must dropJust as inflation drives up interest and mortgage rates, lower inflation can help rates fall.'Inflation so far this year has been stuck around 3.7%. We have had a few data points recently such as the last Consumer Price Index number that showed the rate of inflation has finally dropped a bit in 2024.

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