Posted 12/14/2023, 8:04:00 PM
Mortgage Rates Dip Below 7% for First Time in Months, Offering Homebuyers Some Relief Ahead
- Mortgage rates have fallen below 7% for the first time in 4 months, providing some relief for homebuyers
- The Fed is projected to cut interest rates by 0.75% by end of 2023, adding momentum to improved outlook for homebuyers
- Pandemic drove housing market into overdrive with median home prices surging 50% from early 2020 to end of 2021
- Fed's interest rate hikes to tame inflation have contributed to doubling of mortgage rate premiums charged by lenders
- Most economists expect Fed to start cutting rates in first half of 2024, which should translate into lower mortgage rates later next year