"2024 Interest Rate Outlook: Navigating the Dip in Mortgage Rates Amid Financial Predictions"

A significant factor that previously drove mortgage rates higher is now contributing to their decline. Despite a period of elevated rates, the spread between average 30-year fixed mortgage rates and benchmark Treasury yields has been narrowing for eight consecutive weeks, reaching its lowest point since March. This change comes alongside an increase in existing home sales for the first time in half a year and a consistent rise in home prices for five months.