Average mortgage rates edge higher as of Tuesday, November 26, 2024, pushing the 30-year benchmark over 7.00%. Borrowing costs for large loans like mortgages have remained elevated since the U.S. presidential election, despite a second Federal Reserve interestĀ rate cut of 2024 earlier this month, and traders are roughly split as to whether the Fed will lower rates a third time when it meets in December,Ā according to CME FedWatch. Uncertainty overĀ President-elect Trump’s taxation and spending policiesĀ and lingering concerns over the health of the economy are likely to keep mortgage costs higher for longer, delaying first-time homebuyers and homeowners from purchasing or refinancing.
To continue reading the rest of the article, please click on the source link below: