As the Fed lowers its benchmark rate, mortgage rates are expected to ease in 2024 and 2025.
A lot of people assume that when the Fed cuts rates, mortgage rates will drop, too.
By the time the Fed actually gets around to cutting rates, mortgage rates typically already reflect the impact of that cut.
5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.
Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile.
Persons:
they've, Freddie Mac
Organizations:
Federal Reserve, Fed, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs
Locations:
Chevron