Mortgage Interest Rates Today, June 27, 2024 | Rates Hold Relatively Steady [Business Insider]
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Insider
As inflation slows and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates are expected to decrease. But borrowers shouldn't expect a noticeable improvement in affordability anytime soon. Last month, the Consumer Price Index rose 3.3% year over year , a slight downtick from April's 3.4% reading. This helped mortgage rates ease slightly. But inflation is still higher than the Fed wants it to be, and it could take a couple of years before it settles at the Fed's 2% target. Investors currently believe that the Fed will start cutting rates at its meeting in September, according to the CME FedWatch Tool . This should remove some upward pressure off of mortgage rates and allow them to trend down a bit further. But those who are hoping for rates to drop back below 6% may need to wait until 2025 or later before buying or refinancing. Current Mortgage Rates Mortgage type Average rate today Current Refinance Rates Mortgage type Average rate toda
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