02/26/2024
MORTGAGE RATES
1. Mortgage rates hit highest mark since mid-December
Mortgage rates surged to their highest point in over two months, as investors revised their forecasts based on new economic data and the anticipated timeline for changes in Federal Reserve policy, according to Freddie Mac.
The 30-year fixed-rate average jumped up 13 basis points to finish at 6.9% for the period ending Feb. 22. One week earlier, the 30-year average came in at 6.77%, while for the same seven-day period in 2022, the rate stood at 6.5%.
At the same time, the 15-year average saw an even steeper week-over-week increase, rising 17 basis points to 6.29% from 6.12%. In the same period, a year ago the average rate came in at 5.76%.
2. New Fannie Mae rate forecasts
Fannie Mae expects the 30-year fixed mortgage rate to average...
β’ 6.5% in Q1 2024 (previously 6.4%)
β’ 6.3% in Q2 2024 (p: 6.2%)
β’ 6.1% in Q3 2024 (p: 6.0%)
β’ 5.9% in Q4 2024 (p: 5.8%)
2025:
β’ 5.8% in Q1 2025 (p: 5.7%)
β’ 5.7% in Q2 2025 (p: 5.6%)
β’ 5.7% in Q3 2025 (p: 5.6%)
β’ 5.7% in Q4 2025 (p: 5.5%)