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Mortgage Rates Just Dropped, But Will They Go Lower?

  • June 6th 2024

by UrbanTurf Staff

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Long-term mortgage rates dropped back below 7% this week. 

Freddie Mac reported 6.99% as the average on a 30-year mortgage on Thursday, down 4 basis points from last week. 

“Rates are just shy of seven percent, and we expect them to modestly decline over the remainder of 2024," Sam Khater, Freddie Mac’s Chief Economist, said. "If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.”

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.

See other articles related to: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_just_dropped_but_will_they_go_lower/22395.

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