Federal Reserve Leaves Interest Rates Unchanged
There were no big surprises from the Federal Reserve (Fed) last week, with the Central Bank leaving rates unchanged. The Fed did indicate that several cuts later in the year are likely. However, the markets should not expect to see any of these cuts until later in the spring (May) or even summer.
Don’t Expect a Big Drop in Rates in 2024
After reading all the commentary and analysis, my summary is this: Don’t expect a big drop in interest rates in 2024. We may see the high 5s for 30-year fixed-rate mortgages by the end of the year, but even that depends on a wide range of economic factors. So, if you are waiting for interest rates to come down before entering the housing market, you may have to wait a long time!
If you have any questions or are interested in discussing your mortgage needs, please contact us.