Mortgage interest rates are cooling. But when will they fall below 6% again? Here's when it could happen.
It may be hard to believe now, but it wasn't that long ago that mortgage interest rates were near historic lows. On August 27, 2020, the average rate on a 30-year loan was 2.91%. One year later, it had dropped even further to just 2.86%. However, as the pandemic and influencing economic factors waned, inflation rose dramatically and by June 2022 it was at a 40-year high. Interest rates soon followed, and by August 2023, the average mortgage interest rate had more than doubled to 7.
But that's assuming today's rate hasn't always 'priced in' a September cut. If lenders have, then that rate won't move downward much further in September.But the Federal Reserve will meet again on November 6 and November 7. And if inflation data at that point has still been encouraging, it's possible they could drop the federal funds rate by another 25 basis points or even half a percentage point. Using today's 6.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What will mortgage interest rates look like when the Fed cuts rates?A cut to the federal funds rate appears likely for September. Here's what that could do to mortgage interest rates.
Read more »
Mortgage rates drop to new low as Fed grows closer to slashing interest rates: Freddie MacThe average 30-year fixed-rate mortgage was 6.73% for the week ending Aug. 1, according to Freddie Mac's latest Primary Mortgage Market Survey.
Read more »
Mortgage rates are falling: should you buy now, or wait for lower rates?Mortgage rates have fallen, making homes more affordable to millions of buyers. So should you buy a home now, or hold out for even lower rates?
Read more »
Today's mortgage rates remain unchanged for 15- and 30-year termsMortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate.
Read more »
3 ways mortgage interest rates could drop this AugustBuyers hoping for mortgage rates to drop may not need to wait much longer. Here's how it could happen in August.
Read more »
Mortgage rates barely budged this week as more listings flood the marketMortgage rates didn't change much this week, but more home listings are coming on the market even as buyers are backing off.
Read more »