02/27/2024
The future of mortgage rates and the fed's next move
We just heard from the Fed Chairman, Jerome Powell, and it appears that the Fed has a more accommodative outlook for 2024. They left rates unchanged at this meeting, but it is becoming increasingly likely that there are rate cuts planned for the spring.
Currently, the first real chance for a cut will be at the Fed’s March 20, 2024 meeting.
Mortgage rates have been improving significantly, and the outlook for lower rates is favorable. However, things can change quickly, and much will depend on the direction of the job market and unemployment rate.
As unemployment increases, the Fed should get more aggressive with cuts, which will help mortgage interest rates.
Another big influence is when the Fed will begin to taper QT, or quantitative tightening. This may happen as soon as the summer of 2024.
Reach out to me to find out the latest on mortgage rates, and if it makes sense to purchase a home or refinance your mortgage.
