Overview
- The 30-year fixed mortgage rate has decreased to an average of 6.09%, down from a peak of 7.79% in October 2023.
- Economists predict that rates will hover around 6% by the end of 2024 and may fall to 5.5% by late 2025.
- The Federal Reserve recently cut short-term rates by 0.5 percentage points, with more cuts anticipated through 2025.
- Factors such as the U.S. economy's health, job market, and inflation will continue to influence mortgage rates.
- First-time homebuyers may find some relief, but affordability remains a challenge due to high home prices and limited inventory.