Will Mortgage Rates go down this year? July 3, 2024

Mortgage rates are expected to gradually decline throughout the rest of 2024. However, significant reductions aren’t anticipated until the fourth quarter of 2024. By the end of 2024, mortgage rates are projected to be between 6.3% and 6.9%​​.

This trend is partly influenced by the Federal Reserve’s approach to managing inflation. Current predictions are the Fed will cut their benchmark rate one time this fall.  If that happens, it can only help mortgage rates to come down further​​.

Overall, while mortgage rates are on a downward trajectory, the decrease will be gradual, and rates will remain higher than the historic lows seen during the COVID-19 pandemic.