Mortgage interest rates hit 8-month low as Federal Reserve signals two rate cuts in 2024
WASHINGTON, D.C. — According to a report released Wednesday by Freddie Mac, the average 30-year fixed-rate mortgage fell to 6.6 percent, marking an eight-month low in borrowing costs. The decline comes amid speculation that the Federal Reserve will implement two interest rate cuts before the end of 2024, which directly impacts mortgage interest rates for prospective homebuyers. Federal Reserve Chairman Jerome Powell confirmed that the central bank is evaluating economic data to determine the timing of these adjustments, citing moderate inflation and slowing job growth as key factors. Lenders report a surge in refinancing applications, with total mortgage demand rising 15 percent over the previous week. Homebuyers are now closely monitoring mortgage interest rates, with analysts forecasting further decreases as market conditions stabilize.