Mortgage rates are down today. According to Zillow, the 30-year fixed mortgage rate has decreased by 14 basis points to 6.46%, while the 15-year rate has dropped eight basis points to 5.68%.

With the Federal Reserve leaving the federal funds rate unchanged at last week’s meeting, mortgage rates probably won’t fall more drastically this summer. However, rates could drop later this year. The CME FedWatch tool reports a 94% likelihood that the central bank will lower the rate at its September meeting. If this prediction continues to hold weight, mortgage rates could decrease leading up to the next Fed meeting.

 

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