01/05/2024
Mortgage Market Update - January 5th, 2024
Between late October and mid-December, the 30-year fixed-rate mortgage plummeted more than a percentage point. However, rates have moved sideways since then as the market digests incoming economic data. Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, mortgage rates will likely continue to drift downward as the year unfolds. While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise.