Mortgage rates are forecasted to range from 5.75% to 7.25%, while the 10-year yield may fluctuate between 3.80% and 4.70%. Current labor data indicates a 19-month decline, with concerns of an impending recession. Completed housing units are at high levels, impacting labor demand. Recent economic shifts led to a drop in the 10-year yield and mortgage rates, which fell to 6.63%. Improvements in mortgage spreads are beneficial for housing demand going into 2025, with expectations for further rate cuts by the Fed.
"The 10-year yield fluctuates between 3.80% and 4.70%. Labor data shows a 19-month decline without a breaking point, indicating a potential recession."
"Mortgage rates varied from 7.25% to 6.50%, with a notable drop to 6.63%. Improvement in mortgage spreads has positively impacted housing demand."
Read at www.housingwire.com
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