Mortgage rates have recently dropped in anticipation of the Federal Reserve’s expected rate cuts, with current 30-year fixed rates ranging between 5.75% and 6.75%. As September approaches, further reductions are likely...

In the June 2024 Local Mortgage Update, mortgage rates continue to hover in the low 7% range as the Federal Reserve has yet to reduce the Federal Funds rate. Despite speculation, a rate cut in July appears unlikely due to the upcoming election.

Mortgage rates are currently stable at around 7%, with potential decreases expected in the fall due to economic conditions, although lower rates are achievable through special programs and buy-downs.

In 1986, dropping mortgage rates below 10% was cause for celebration, but while 7.5% might seem high now, it's historically reasonable, and waiting for 3% rates to return is unrealistic; however, we might see rates around 5.5% by next summer due to potential policy changes.