Could the mortgage rate climate change in the final month of 2024? Here's what some experts think.
The economic environment has shifted over the past few months amidst the election, Federal Reserve rate cuts and stronger-than-expected job growth. However, the housing market remains in a bit of a gridlock. Buying a home can be challenging right now with home prices high, existing homes in short supply, and interest rates still relatively elevated. According to Harvard University, the U.S. home price index is 47% higher than in 2020, and existing housing inventory is down 34% from 2019.
But, for the most part, the mortgage rates do track the movement in the 10-year treasury,' says Kevin Leibowitz, founder of Grayton Mortgage in New York.Leibowitz explains that the 3.63% low in September was in advance of the Fed's first rate cut of this cycle. 'After the election, rates got worse – the market felt that some of the potential policies that would be put forth by the Trump administration would be inflationary,' he says.
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