"Analyzing the Impact of Job Data on Mortgage Rates in 2024"

Despite expectations for a drop in mortgage rates, they have remained high, currently averaging 6.64%. The U.S. Federal Reserve's inaction and uncertainty about the economy have contributed to this. Lenders are also protecting themselves against potential future rate drops. While some economists anticipate rates falling below 6% by the end of 2024, low inventory and increased competition for homes may limit the benefits for buyers.