The drop has occurred largely as a result of encouraging signs that inflation is easing and that the Federal Reserve will be cutting the federal funds target rate sooner rather than later.
We are going to see Fed rate cuts before the end of 2024, and they're going to be bigger than we expected at the outset of the year.
Homebuyers should be happy to hear that mortgage rates are predicted to dip further, but must prepare for potential shifts in home prices and availability.
Though mortgage rates have fallen since their peak in October 2023, they're still way above the 2022 lows of around 3%.
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