Mortgage rates in the U.S. have slightly risen again, reaching 6.49% on average for a 30-year fixed mortgage on October 16, 2024, after hitting a low of 6.24% in late September. The increase follows the Federal Reserve’s recent Fed Funds Rate cut, but strong economic data—such as a robust BLS jobs report—has tempered expectations for further rate reductions. Experts anticipate two 25bp cuts, in November and December, as the Fed aims to balance inflation while avoiding a hard landing by trying to stabilize the labor market.
Mortgage rates tend to track Treasury yields, which did rise after the Fed’s decision and the unexpectedly strong economic data reporting. Although inflation and unemployment have shown signs of cooling, which should aid in benefiting mortgage rates and increased mortgage applications, they still dropped 17% in early October.
Melissa Cohn of William Raveis Mortgage advises buyers not to wait for lower rates, as further drops are uncertain. Instead, affordability challenges are increasingly driven by rising home prices, which grew 5.9% year-over-year in Q3 2024. Fannie Mae’s chief economist, Mark Palim, noted that consumers are now more concerned about high home prices than mortgage rates, reflecting tight supply and ongoing affordability issues.
Fuente : https://bit.ly/3BOXtEs
Por: jon iacono