Yesterday, the Federal Reserve announced it will keep the federal funds rate steady for now. In his press conference following the meeting, Fed Chair Jerome Powell said that while officials do expect to lower rates this year, they’re not in a rush to do so.
Mortgage rates are expected to go down in 2024 once we get a better idea of when the Fed might start dropping its benchmark rate. Rates are down quite a bit today, with average 30-year mortgage rates currently down around 35 basis points compared to where they were a week ago, according to Zillow data. But this is likely a temporary dip, and we could see rates trend back up near where they’ve been in recent weeks.
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