Here's how far mortgage rates could drop before the end of 2024
The Federal Reserve's 50-basis-point rate cut from September 18 has started to push mortgage interest rates down, bringing a glimmer of hope to potential buyers. With two more Fed meetings scheduled before the end of 2024, we could see rates continue to fall.
Mortgage interest rates today: Rates are unchanged
Today’s interest rate for a 15-year fixed-rate mortgage is 5.125%, which is unchanged from Friday. The monthly payment for a $250,000 mortgage with a 15-year term and a fixed interest rate of 5.5% would be $2,042.71. The payment for the same loan with a 6% interest rate would be $2,109.64.
Mortgage rates have dropped to nearly 6 percent. They may not go much lower.
Any further decline in mortgage rates will be minimal,” said Lawrence Yun, chief economist at the National Association of Realtors.
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After plunging last week to a 2-year low, the 30-year mortgage rate average has edged higher, with a third daily increase. Rates moved up for most other loan types as well.
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Cooling interest rates could spur homebuyers to enter the market. Here's what they should think about before they do.
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