Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut. These lower mortgage rates coupled with the gradually improving housing supply bode well for the housing market.
In the updated economic projections from the June FOMC meeting, the anticipated rate cuts by the end of 2024 have been scaled back from three to one. And to implement this single rate cut, significant progress is still needed before the Fed feels confident enough.
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