Mortgage rates have recently dipped below 7% after reaching that threshold, with the potential for continued decreases based on market responses to the upcoming Federal Reserve meeting.
Market observers are expecting a 25-bps cut from the Federal Reserve, where 86% of interest rate traders predict this cut, which would bring down the federal funds rate significantly.
Despite the anticipated cuts from the Fed, mortgage rates haven't closely mirrored these actions, with the 30-year loan rate climbing from 6.31% to 6.87% since mid-September.
Fannie Mae's recent data shows increasing consumer sentiment towards home buying, with beliefs rising that mortgage rates will drop and a growing percentage considering it a good time to purchase homes.
Collection
[
|
...
]