As the featured image in this article provided by mortgage giant Fannie Mae reflects, there has been a bit surprising to many roller-coaster on mortgage rates in 2024. Despite the fact that the Federal Reserve announce two different rate cuts and there was dip in mortgage interest rates going into that first rate cut, it was followed by a fairly sharp increase in mortgage rates.
Following this explanation provided by Fannie Mae will be additional facts-evidence and analysis (FEA) with MHLivingNews commentary in Part II.
Part I
A new piece from Fannie Mae’s Economic & Strategic Research (ESR) Group pulls back the curtain on what factors affect the 30-year mortgage rate. When the Federal Reserve cut the federal funds rate in September, many market observers expected mortgage rates would also decline. Instead, the average rate on a 30-year mortgage rose from 6.09 percent on September 19, …