Mortgage Rates Drop as Inflation Slows, Fed Cuts Anticipated

Recent data shows a significant decline in mortgage rates, attributed to slowing inflation and expectations of Federal Reserve rate cuts.

Average 30-year mortgage rates have dropped nearly 30 basis points from a week ago.
Investors expect a Federal Reserve rate cut in June, potentially leading to further decreases in mortgage rates.
The 7/1 and 5/1 adjustable mortgage rates saw significant drops of 0.60% and 0.49%, respectively.
Despite the overall decline, 30-year fixed refinance rates increased by 0.69%, highlighting a mixed mortgage rate environment.
Economists predict mortgage rates may gradually decline by the end of 2024 as inflation eases.