Boring Start to 2024 for Mortgage Rates January 8, 2024

Around the middle of December 2023 mortgage rates came down from around 7.0% at the beginning of the month to the mid to low 6%’s.  Since then, they really haven’t moved.  We have had many economic reports including unemployment, new jobs and holiday spending.  All of these can affect mortgage rates and in years past, have done so.

It appears there are only two things that will move mortgage rates, and the two are related.  Inflation reports and actions/comments by the Federal Reserve.  High inflations is why rates went higher in 2022.  It will take lower inflation to get mortgage rates to come down.  We should see the CPI report this week.