Today, mortgage rates are still historically elevated. But they’ve dropped considerably since October, even dipping into 6% territory five times since Christmas. The current average is a bit higher than that, but still more than a full percentage point below the 8.45% peak of last fall.
KEY TAKEAWAYS
- The Federal Reserve Wednesday announced its fifth rate hold in a row, after hikes in 2022 and 2023 raised the federal funds rates to almost a 23-year high.
- The Fed’s rate moves do not directly drive mortgage rates. But they can trigger dominoes that impact the rates lenders are willing to offer.
- Inflation is one of the biggest drivers of mortgage rates, and it remains stubbornly above the Fed’s 2% target level.
- Mortgage rates surged to a 20-year high in October, but have since dropped more than a percentage point.
- The Fed said Wednesday it’s still watching and waiting for more good news on inflation and jobs before considering a rate cut. But it is forecasting three rate decreases by the end of 2024.
Sandy Herrick
Senior Sales Executive – CRNC, LRE
ReeceNichols Real Estate, a Berkshire Hathaway Affiliate
8001 College Blvd, Suite 100, Overland Park, KS 66210
Cell: (913)205-4333, Direct 913-906-3595
eFax: (913)981-2550
Licensed in both Kansas and Missouri
ReeceNichols Real Estate, a Berkshire Hathaway Affiliate
8001 College Blvd, Suite 100, Overland Park, KS 66210
Cell: (913)205-4333, Direct 913-906-3595
eFax: (913)981-2550
Licensed in both Kansas and Missouri
The Finest Compliment I can Ever Receive is a Referral from My Friends and Clients.
Thank you for your trust in me, your friends and your families real estate needs.
“Everything that I Touch Turns to SOLD.”
Thank you for your trust in me, your friends and your families real estate needs.
“Everything that I Touch Turns to SOLD.”
Visit My Website at https://sherrick.reecenichols. com to view my listings
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