General World News

Mortgage rates drop to lowest level of 2024

The average 30-year fixed-rate mortgage dropped to 6.62% on Thursday, a new low for 2024 that appears to be tied to the expectation that the Federal Reserve could move to cut interest rates at its next meeting in September. This is according to data reported by Mortgage News Daily.

On Wednesday, Fed Chair Jerome Powell indicated that a rate cut is a possibility after the September meeting if economic data continues to trend in the right direction.

“If we were to see, for example, inflation moving down quickly, or more or less in line with expectations … details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com