Will mortgage rates drop this year?

With inflation slowing, mortgage rates are expected to start trending down at some point in 2024 and could fall somewhere between 5.9% and 6.1%.

The Federal Reserve has indicated that it could cut the federal funds rate this year since inflation has come down significantly since it peaked in 2022.

While this would remove a lot of upward pressure from mortgage rates, it also may take longer for rates to drop than initially expected as the Federal Reserve wants to “be sure that inflation is nearing its target of 2%.”

Read more: Business Insider

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