Mortgage Rates Remain Elevated Due to Inflation Concerns

Published: 27 April 2024 at 07:14

Inflation data has led to speculation that the Federal Reserve may not cut rates this year, keeping mortgage rates high. The latest PCE price index showed prices rising faster than expected, causing 30-year mortgage rates to increase above 7%. Forecasts suggest rates could trend down later in the year, with Fannie Mae predicting a rate of 6.4% by the end of 2024. Home prices are still high but showing signs of cooling, with home sales expected to dip due to rising interest rates.

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