Mortgage Rates Hit Two-Month High as Fed Prepares for Further Cuts

Despite a recent Federal Reserve rate cut, mortgage rates continue to rise, reaching levels not seen in two months, with further adjustments anticipated.

• The average 30-year fixed mortgage rate increased to 6.64%, marking a two-month high as of October 22, 2024.
• Recent rate hikes follow the Federal Reserve's half-point rate cut in September, with a quarter-point cut expected in November.
• Freddie Mac's latest survey shows the 30-year mortgage rate at 6.44%, reflecting a steady climb over the past few weeks.
• Economic indicators such as strong labor reports and easing inflation suggest the Fed may continue to reduce rates in 2024 and 2025.
• Homebuyers are advised to shop around for the best mortgage rates, as lender offerings can vary significantly.

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