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With Inflation Cooling, Will Mortgage Rates Continue to Drop?

  • November 14th 2023

by UrbanTurf Staff

Mortgage rate chart_11-09-23.png

Last week, long-term mortgage rates saw their largest one week drop in a year. With a new report out Tuesday that shows inflation cooling, that trend could continue. 

The Labor Department's report on inflation showed that consumer prices were flat last month and rose 3.2% from a year earlier, a slower pace than in September. The thinking is that this report will lead the Federal Reserve to stop raising interest rates. 

"The interest rate rises should be over, and the Fed will have to consider cutting interest rates seriously," Lawrence Yun of the National Association of Realtors said on Tuesday. "In the meantime, the bond market is reacting as if the Fed will be cutting interest rates next year. Mortgage rates look to head towards 7% in a few months and into the 6% range by the spring of 2024."

See other articles related to: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/with_inflation_cooling_will_mortgage_rates_continue_to_drop/21686.

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