Mortgage Rates Hold Steady Amid Expectations of Federal Rate Cut

30-year mortgage rates drop to two-week low, but 15-year rates hit one-month high

Mortgage rates have been holding steady this week with average 30-year mortgage rates remaining in a tight 6.3%-to-6.45% range.
Investors are currently pricing in an almost 80% likelihood that the Fed will make its first cut to the federal funds rate at its meeting in March, up from 64% a week ago.
Most experts believe mortgage rates will go down in 2024, but the timing will depend a lot on the path of inflation and when the Fed starts lowering the federal funds rate.
The 30-year mortgage rate average dropped 7 basis points to register 7.11%, its cheapest level in almost two weeks.
15-year rates rose, climbing to their highest mark in almost a month.