investing

Spring Rate Drop Alert

Kyle Camerlinck

20 Dec 2023 — 1 min read

Rates are on the decline! National mortgage rates trended lower compared to the previous week, affecting 30-year fixed, 15-year fixed, 5/1 ARMs, and jumbo loans. This downward trend is influenced by a key factor: the easing of inflation.

The possibility of the Federal Reserve concluding its interest rate hike cycle has played a significant role in the positive response of mortgage rates. Despite rates reaching almost 8 percent in late October, the Federal Reserve's decision to maintain rates in December and the prospect of rate cuts in 2024 have contributed to the observed decline.

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Mike Fratantoni, Chief Economist at the Mortgage Bankers Association, emphasizes the shift away from considering additional rate hikes, with attention now focused on the potential pace of future cuts. This change is advantageous for the housing and mortgage markets, with expectations of continued decreases in mortgage rates just in time for the upcoming spring housing market.

Despite a consistent rise in home prices throughout the year, as indicated by eight consecutive months of appreciation according to the S&P CoreLogic Case-Shiller index for September 2023, the overall outlook suggests a positive trajectory for the real estate and mortgage sectors.

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