Mortgage rates dip below 7%, but meaningful declines are still months away [Yahoo! Finance]
Federal National Mortgage Association (FNMA)
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Source: Yahoo! Finance
The average weekly rate on the 30-year fixed mortgage dipped slightly to 6.95% from 6.99% a week prior, according to Freddie Mac on Thursday. A separate measure tracking daily averages saw rates fluctuate between 6.97% and 7.17% over the last seven days, according to Mortgage News Daily The minor drop in mortgage rates this week is likely not enough for many budget-conscious homebuyers. And any substantial decline is probably at least a year away as the Fed signaled it will cut benchmark rates only one time this year One recent study found that a majority of homebuyers, especially first-timers, need a much lower rate before returning to the market. "For inventory-constrained buyers, mortgage rate trends aren't likely to bust the mortgage rate lock-in effect until at least the end of the year, and possibly well into 2025," said Ralph McLaughlin, Realtor.com senior economist. "Anyone hoping the lock-in effect will be busted this year may be sorely disappointed." Inflation data
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FNMA
Sec Filings
- 6/13/24 - Form 8-K
- 5/20/24 - Form 3
- 5/14/24 - Form 3
- FNMA's page on the SEC website