Falling Mortgage Rates Could Save Homeowners Hundreds Per Month
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Over $1 trillion in recent mortgages have interest rates of 6% or higher. Refinancing at just 5.5% could save the average homeowner $284 per month.
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Mortgage rates have started to fall from their peak of 8% in October 2022, providing hope for future refinancing.
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The Federal Reserve has forecasted potential interest rate cuts in 2024, which would further reduce mortgage rates.
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Lower mortgage rates would save money for existing homeowners and make housing more affordable for prospective first-time homebuyers.
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The housing market still faces challenges, but rate cuts in 2024 could stimulate increased home buying and refinancing.