Mortgage Rates Drop to Seven-Month Low Amid Fed Rate Hold

Despite the significant drop, affordability remains a challenge for potential homebuyers, with experts suggesting a market entry as soon as February.

30-year mortgage rates have dropped to a seven-month low of 7.02%, the largest two-day decline in almost a year.
15-year mortgage rates have also seen a significant drop, reaching 6.24%, the lowest level since May 15.
Despite the drop in rates, affordability remains a challenge for many potential homebuyers, with home prices expected to stay flat over the next year.
The Federal Reserve has held rates steady and signaled potential rate cuts in 2024, which could further lower mortgage rates.
Despite the challenges, the desire for homeownership remains strong, with experts suggesting potential buyers may want to enter the market as soon as February.