Mortgage Rates Dip Amid Fed Rate Cuts and Forecast Adjustments

Mortgage rates have decreased this week, with the 30-year fixed rate dropping to 6.60%, the 20-year fixed to 6.38%, and the 15-year fixed to 5.92%, according to Zillow. Refinance rates are slightly higher, with the 30-year fixed at 6.64%. Adjustable-rate mortgages (ARMs) and VA loans also saw changes. While rates have been fluctuating, they are not expected to significantly decrease before the end of 2024. Factors like credit score, down payment, and debt-to-income ratio can influence the rates offered by lenders.