While mortgage rates are most closely linked to 10-year Treasury bonds, they tend to move in tandem with the Federal Reserve's benchmark interest rate.
Consequently, a rate cut is likely to lower mortgage rates later this year.
That's potentially good news for homebuyers, since interest rate cuts would likely make monthly mortgage payments a bit more affordable.
Most major housing organizations expect mortgage rates to drop by the end of the year.
Mortgage rate forecasts for the end of 2024 differ slightly.
Persons:
Fannie Mae, Wells, Kevin McLoughlin
Organizations:
Federal, Traders, Mortgage, Association ., Federal Reserve
Locations:
Virginia