Will mortgage interest rates drop after the Fed's March meeting? Here's what some experts predict

According to cbsnews.com, most experts are not anticipating a rate cut at the Federal Reserve's Open Market Committee meeting on March 19-20, suggesting that mortgage rates are unlikely to see a decrease either.

 

Federal Reserve Chairman Jerome Powell's statements following the last meeting, coupled with the sustained level of inflation, indicate a low probability of rate cuts in the near term, thus influencing mortgage rates to remain steady.

Mortgage rates may not drop in March — but they could later in 2024

Though experts don't see a drop in mortgage rates right now, most foresee one later on in the year.

While there may not be immediate movement in mortgage rates, long-term forecasts suggest the possibility of reductions later in the year, especially toward the third and fourth quarters, contingent upon inflation trends aligning with the Federal Reserve's targets.

What to do if you want to buy a home

 

If you're considering purchasing a home, it's essential to evaluate your options carefully. While waiting for potential rate drops, consider strategies such as making a larger down payment or exploring mortgage buydown options to optimize your financial outcomes.

Bottom Line

Whether you’re planning to buy your first home, or you’re ready to move into a different one to meet your changing needs, think about the emotional benefits that can turn a house into a happy home. When you are ready to make a move, connect with Stuecher Manning Group.

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Source: cbsnews.com