December Sees Mortgage Rates Dip, Experts Weigh In on Housing Market

Mortgage rates have decreased to around 6.20% as of December 9, 2024, down from 6.56% last month, influenced by strong labor market data and expectations of a Federal Reserve rate cut. As inflation eases, rates are expected to continue declining into 2025. However, future rate trends will depend on economic conditions, including inflation and potential Fed actions. Adjustable-rate mortgages and FHA loans also show slight rate changes, with refinancing rates remaining slightly higher than purchase rates.