Mortgage Rates Dip Slightly Amid Fed Rate Cut Speculations

Recent decreases in mortgage rates could see further reductions if the Federal Reserve proceeds with anticipated rate cuts later this year.

Mortgage rates have slightly decreased this week, with the average 30-year mortgage rate at 6.59%.
The Federal Reserve's potential rate cuts later this year could lead to further decreases in mortgage rates.
Mortgage rates are sensitive to economic data, with upcoming jobs and inflation reports likely to influence future rates.
Despite recent decreases, mortgage rates remain elevated compared to last year due to high inflation and the Federal Reserve's rate hikes.
Home prices are expected to rise in 2024, with mortgage rates potentially decreasing as inflation slows.