Today’s mortgage market reflects slight improvements as rates ease modestly. The 30-year fixed mortgage rate currently averages around 6.99%, showing a minor decrease of 0.08% from recent levels, while the 15-year fixed rate stands at 6.44% with a similar downward trend. Although the market shows minor dips, experts predict that rates will stay above 6% through the end of 2024, unless economic conditions shift unexpectedly.
A key factor influencing rates is the ongoing response to the Federal Reserve’s actions. With inflation pressures subsiding and labor markets weakening, market observers expect some moderation. However, the broader economic slowdown means that while further decreases are possible, significant drops are unlikely. Mortgage-backed securities (MBS) have also seen slight gains today, hinting at potential further rate relief.
For homebuyers and refinancers, staying informed on these shifts and comparing lenders remains essential to secure favorable terms amid volatile trends.