Mortgage Rates Forecast For 2024: Experts Predict How Much Rates Will Drop
Forbes Advisor
To give some potential good news on the day before the election, this article in Forbes is a great read.
Mortgage rates continued to rebound upward after dropping consistently for months. After reaching a low of 6.08% just three weeks earlier, the average rate on the benchmark 30-year mortgage surged, reaching 6.72% for the week ending Oct. 31, according to Freddie Mac data. One basis point is one one-hundredth of a percentage point.
Will Mortgage Rates Drop Soon?
Despite the cut, housing experts say don’t expect mortgage rates to drop significantly in the near future.
“Mortgage rates have already anticipated the Fed’s likely path,” said Lawrence Yun, chief economist at NAR. “Any further decline in mortgage rates will be minimal.”