Mortgage Rates Steady After 2022 Drop, Expected to Fall Further in 2024
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Mortgage rates have steadied recently after dropping in late 2022, but are expected to fall further in 2024 as inflation cools.
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30-year fixed mortgage rates averaged 6.61% last week, a six point decrease. 15-year fixed rates dropped to 5.93%.
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The Fed has hiked rates dramatically to curb inflation, which trended mortgage rates up, but may start cutting rates in 2023.
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Inflation slowed to 3.1% in November, which is good news for mortgage rates. Rates are expected to drop more next year.
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HELOCs let homeowners borrow against home equity at relatively low rates compared to other loans. They are a good option while waiting for rates to fall further.