Overview

• The Federal Reserve cut its benchmark rate by 50 basis points in September, the first reduction in over four years.
• Current average mortgage rates are around 6.00% for a 30-year fixed-rate loan and 5.25% for a 15-year fixed-rate loan.
• Experts suggest that mortgage rates are likely to remain stable for the rest of the year unless the economic outlook changes significantly.
• Potential further rate cuts by the Fed in 2025 could lead to mortgage rates dropping into the high 5% range.
• Homebuyers and those looking to refinance are advised to monitor economic indicators such as jobs reports and inflation data to better understand future rate movements.