Strong employment numbers and hotter-than-expected inflation data won’t provide the Federal Reserve greater confidence to ease its monetary policy in the near term, Fannie Mae’s Economic and Strategic Research (ESR) group said this week.

As a result, 30-year mortgage rates will remain higher for longer than expected.

In contrast to its previous forecast that mortgage rates will end the year below 6%, the ESR group now expects the 30-year fixed rate will close 2024 at 6.4%. 

​​“Hotter-than-expected inflation data and strong payroll numbers are likely to apply more upward pressure to details ⇒

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