For most of 2023, long-term mortgage rates seemed to just go up. Over the last couple months, however, they have moved in the other direction.
On Thursday, Freddie Mac reported 6.62% as the average on a 30-year mortgage, up 1 basis point from last week, but much lower than when they reached 7.8% back in October.
“Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, we expect mortgage rates will continue to drift downward as the year unfolds," said Sam Khater, Freddie Mac’s Chief Economist. "While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise.”
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
This article originally published at https://dc.urbanturf.com/articles/blog/long-term_mortgage_rates_flat_to_start_2024/21828.
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