Mortgage Rates to Remain High This Year Despite Cuts; Relief May Come in 2025

• Mortgage rates unlikely to dip below 6% this year despite Fed rate cuts • Competition still strong for mid-priced homes and below due to limited supply • Monthly payments on median priced home with 6.9% rate would be over $2,200 • More housing inventory expected in 2024, giving buyers more choices • Potential for mortgage rates closer to 6% in 2025 could bring more relief