11/08/2024
🏡 Mortgage Market Wrap-Up: November 7, 2024
The mortgage market ended today with rates showing slight movement ahead of the Federal Reserve’s much-anticipated rate cut. The average 30-year fixed-rate mortgage ticked up to 6.79%, continuing its upward trend, while the 15-year fixed-rate mortgage increased to 6.158%. Despite this, the Fed’s decision to cut interest rates by 0.25 percentage points could bring some relief in the coming weeks, potentially easing borrowing costs for homebuyers and refinancers alike.
With economic indicators showing mixed signals, including a slight rise in unemployment claims and steady productivity growth, mortgage rates remain sensitive to broader market conditions. As we head into the final stretch of 2024, experts predict that rates may stabilize or even dip slightly, offering a potential window of opportunity for those looking to lock in a deal before year-end.
Stay tuned as the Fed’s moves continue to shape the housing market! 🏠📉
