Mortgage rates have risen significantly in the past year, going from around 3% to nearly 8%, causing many potential home buyers to question when rates will drop again. Factors such as the Federal Reserve, inflation, supply and demand, and Federal Reserve monetary policy have all had an effect on mortgage rate movement. As of October 11, 2023, the average 30-year fixed mortgage rate is 7.83%, the highest it has been in over two decades; however, experts anticipate that rates will be lower by the end of 2024.
Original post here: Could Mortgage Rates Come Down in 2024?
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