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Experts believe mortgage rates will hold steady for the rest of the year in the low 6% range. After spending the first half of the year at record highs, mortgage rates have finally been trending down for several months now. According to Freddie Mac, 30-year mortgage rates are now just above 6%. But Fed officials have indicated that we may only get 50 basis points worth of cuts by December. What would need to happen for mortgage rates to drop further?

Persons: —, Freddie Mac, Danielle Hale, Realtor.com, Hale, Scott Haymore, Haymore, Will, Dan Burnett, Phil Crescenzo, We're, that's, Crescenzo, there's, refinance Organizations: Service, Federal, Traders, TD Bank, Hometap, Nation One Mortgage Corporation

The Fed is expected to cut rates multiple times this year and in 2025, which means mortgage rates should continue decreasing. Will mortgage rates drop when the Fed cuts rates? If he or other Fed officials indicate that bigger rate cuts could be coming, mortgage rates may inch down. How Fed rate cuts affect mortgage ratesChanges to the federal funds rate don't directly impact mortgages, but mortgage rates tend to trend up when the Fed raises rates and go down when it lowers rates. The Fed could lower rates substantially by the time we reach the 2025 buying season, which means mortgage rates may be a lot lower, too.

Persons: Freddie Mac, Dan Burnett, Burnett, Jerome Powell, Powell, Fannie Mae, Scott Haymore Organizations: Fed, Federal Reserve, Housing Survey, TD Bank

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