How far will mortgage rates fall when the Fed cuts rates?

Mortgage rates, which have been stable between 6.5% and 7% since December, may drop due to expected Federal Reserve rate cuts later this year. However, experts predict that rates will either fall below 6% by Q1 2025, or hold steady through 2024 or mid-2025. Despite potential rate drops, experts advise not to delay home purchases as home values are currently stable and waiting could lead to higher prices due to increased buyer competition.

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