Mortgage Rates Expected to Hold Steady Despite Fed Meeting, But Could See Relief in 2024

The Fed is expected to hold interest rates steady at its November 1 meeting, which could impact mortgage rates.

Mortgage rates don't always mirror the Fed's rate hikes, but tend to track the 10-year Treasury yield.

Mortgage rates could ease in 2024 if the Fed starts cutting rates, potentially by mid-year.

Higher mortgage rates and prices have caused a housing market slowdown with lower mortgage applications.

Some buyers were still able to purchase homes this year, but the market is less energetic than during the pandemic.