Mortgage Rates Continue 9-Week Slide to 6.61% Amid Forecasts of Further Fed Cuts in 2024

• Mortgage rates dropped for the 9th straight week, falling to an average of 6.61% for 30-year fixed rates • The declines are driven by anticipation of Fed interest rate cuts starting in 2024 • Economists predict further mortgage rate decreases heading into 2024 as the Fed is forecasted to cut rates 3 times • Lower rates haven't translated into more home sales yet due to low housing inventory keeping prices high • If inflation keeps decelerating, 2024 may see a rebound in the housing market aided by declining mortgage rates