Mortgage Rates Dip Below 7% as Fed Signals Possible Rate Cuts Ahead
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Mortgage rates dipped below 7% for the first time since August amid signs from the Fed that rates could come down next year
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Average 30-year fixed rate fell to 6.95%, but 15-year rate ticked up to 6.38%
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Inflation has eased from 9% peak in June 2022 to 3.1% in November
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Fed is cautiously optimistic about soft landing - lowering inflation without triggering recession
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Fed forecasts at least two rate cuts in 2023 from current 5.25-5.5% range