Mortgage Rates Expected to Hold Steady, With Potential for Drops Later in 2024

Experts don't expect mortgage rates to drop after the Fed's March meeting due to still-high inflation and Fed's stance on rates
Fed Chairman Jerome Powell has said a rate cut is unlikely until inflation moves closer to 2% target
Mortgage rates could drop later in 2024 if inflation cools and Fed cuts rates, possibly in Q3/Q4
Fannie Mae and Mortgage Bankers Association predict average 30-year mortgage rates falling to 5.9-6.1% by end of 2024
Options if buying a home now make larger down payment, consider mortgage buydown for lower rate, or buy now and refinance later when rates fall