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Interest Rates Adjusting Downward

Interest Rates Adjust Downward

Published 08/02/2024 | Posted by Lynn Ganster
Interest rates showing signs of decreasing

​Interest Rate Update and Year-End Predictions

Today, the average interest rate for a standard 30-year fixed mortgage has decreased to 6.77%, a slight drop of 0.08% from last week. Similarly, the 15-year fixed mortgage rate is now 6.21%, down by 0.06%. This adjustment comes as a welcome sign for potential homebuyers and those looking to refinance.

As inflation trends downward, the Federal Reserve is considering its first interest rate cut later this year. While the housing market's recovery will be gradual, experts predict that mortgage rates will continue to decline in the coming months. This anticipated drop could provide a more favorable environment for homebuyers and investors alike. 

Stay tuned for further updates as the market responds to these economic changes, and keep an eye on mortgage rates to seize the best opportunities in the real estate market.

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