"Mortgage Rate Fluctuations Continue as 2024 Trends Emerge"

Freddie Mac reports that while mortgage rates have held steady at the start of 2024, with the 30-year fixed-rate mortgage averaging 6.62%, they are expected to decline as the year progresses due to anticipated Federal Reserve rate cuts and easing inflation. The Fed's potential rate reductions could see the federal funds rate drop to 4.6%, influencing mortgage rates to settle between 5% and 6%. Despite the stable rates, homebuyers are facing challenges with low inventory and high home prices, and many are waiting for rates to drop further before entering the market. Homebuyers are advised to shop around for the best rates, and tools like online marketplaces can assist in comparing rates and getting preapproved with multiple lenders.