Mortgage rates have started 2024 with a downward trend, offering some relief to potential homebuyers.
Current Rates
As of March 11, 2024, 30-year fixed mortgages are averaging around 6.5% to 7%.This is a decrease from earlier this year.Experts predict that rates are likely to continue to fall throughout 2024.
Reasons for the Dip
The Federal Reserve has indicated it will begin cutting rates in 2024, which has influenced mortgage rates.This is a response to a cooling economy and falling inflation googlenewsblog.com/.
What This Means for You
If you’re considering buying a home, a lower mortgage rate can mean a lower monthly payment.This can make homeownership more affordable.
Keep in Mind
Mortgage rates are just one factor to consider when buying a home. You’ll also need to factor in the cost of the home itself, down payment, property taxes, and homeowners insurance.
