Mortgage Interest Rates Today, July 1, 2024 | Are Rates Finally Going Down? [Business Insider]
Federal Home Loan Mortgage Corporation (FMCC)
NASDAQ:AMEX Investor Relations:
freddiemac.com/investors
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Source: Business Insider
In June, 30-year mortgage rates averaged around 6.58%, according to Zillow data. This is down from the previous month, but a bit higher compared to where rates were in January 2024. For most of this year, forecasters have been predicting that rates will drop as inflation decelerates. But in the first few months of 2024, inflation remained relatively flat, raising concerns that the Federal Reserve would have to keep the federal funds rate elevated for longer than expected. This kept mortgage rates high. But more recent data suggests that inflation is coming down, just slowly. As inflation slows, Fed rate cuts should remove some of the upward pressure off of mortgage rates and allow them to trend down. However, borrowers shouldn't expect huge drops. Rates may trend down closer to 6% throughout the remainder of 2024, but we may not see them reach the 5% range until 2025 or even 2026. Current Mortgage Rates Mortgage type Average rate today Current Refinance Rates Mortgage
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FMCC
Sec Filings
- 7/2/24 - Form ABS-15G
- 7/2/24 - Form ABS-15G
- 7/1/24 - Form 8-K
- FMCC's page on the SEC website