Mortgage Rates Drop for Third Week, Sparking Refinance Surge
TL;DR Summary
Mortgage rates have slightly decreased as the Federal Reserve is expected to cut interest rates by 0.25% in December 2024, amid slowing inflation and a weakening job market. The average 30-year fixed mortgage rate is now 6.73%, while the 15-year fixed rate is 6.03%. Despite the anticipated Fed cut, mortgage rates remain high due to strong economic data and concerns over President-elect Donald Trump's potential inflationary policies. Experts suggest rates may not fall below 6% soon, depending on future economic conditions.
Topics:business#economic-policy#federal-reserve#finance#housing-market#interest-rates#mortgage-rates
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- Average rate on 30-year mortgage hits 6.6%, its third straight weekly decline ABC News
- Mortgage Rates in US Decrease for Third Week, Falling to 6.6% Bloomberg
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