Mortgage Rates Hold Steady Despite Recent Federal Reserve Rate Cut

Experts predict mortgage rates will remain in the low 6% range for the rest of 2024, with potential further drops in 2025 depending on economic conditions.

The Federal Reserve cut its benchmark rate by 50 basis points in September, the first reduction in over four years.
Current average mortgage rates are around 6.00% for a 30-year fixed-rate loan and 5.25% for a 15-year fixed-rate loan.
Experts suggest that mortgage rates are likely to remain stable for the rest of the year unless the economic outlook changes significantly.
Potential further rate cuts by the Fed in 2025 could lead to mortgage rates dropping into the high 5% range.
Homebuyers and those looking to refinance are advised to monitor economic indicators such as jobs reports and inflation data to better understand future rate movements.