Mission Federal Credit Union Mortgage Refinance Rates – Written by Jeff Ostrowski Jeff Ostrowski Chief Writer, Expert Peter Home Delivery • Mortgages • Mortgage Loans Jeff Ostrowski mortgages and the real estate market. Before joining in 2020, he spent more than 20 years writing about real estate, business, economics and politics. Read more Twitter Linkedin Email Jeff Ostrowski

Mission Federal Credit Union Mortgage Refinance Rates

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Mortgage rates typically expire in 6 years, with rates dropping to 6% in the latter half of the year. – Greg McBride, Chief Financial Analyst

Mortgage rates will get home buyers on a rollercoaster ride in 2023. In 2024, the trip should be less bumpy – and mostly down.

Greg McBride, chief financial analyst, expects rates to slow throughout the year, reaching 5.75 percent by the end of 2024.

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“Mortgage rates will take the most of the year in 6 years, and move below 6% until the second half of the year,” McBride said.

The National Mortgage Association predicts parity by the end of 2024, indicating that rates will move to 6.1 percent. Fannie Mae, meanwhile, expects rates to drop to 6.5 percent by the end of the year, while Bright MLS, a real estate listing service in the Mid-Atlantic region, predicts a drop to 6.2 percent.

As of Dec. 27, 2023, the average 30-year fixed mortgage rate is 6.9 percent, according to a national survey of lenders. Most compared to last year, it falls in the lower end. In February, the 30-year rate was as low as 6.27 percent. In October – as the US economy defied expectations to stay out of recession – all rose to 8.01 percent.

As it continues to curb inflation, the Federal Reserve has announced a rate hike in the first half of 2023, affecting mortgages.

Current Mortgage Interest Rates For February 23, 2024

As inflation cooled at the end of the year, the Fed chose not to raise rates at meetings between early November and December, setting the stage for a rate cut in 2024. That new outlook pushed mortgage rates down more than a full percentage point a week. After the December meeting of the Fed.

Let’s be clear: mortgage rates are not driven by the feds, but by the will of investors. This can lead to large changes in mortgage rates – they rise on news of a Fed hike, and fall while waiting for cuts.

“Saying ‘ice cream’ in front of kids is a little bit awkward,” McBride said. “Businessmen get busy when they hear ‘low interest rates’.”

Mortgage rates are on the rise in 2022 and 2023 because the economy is doing better than expected. They are falling now on the assumption that the labor market will cool, inflation will end, and the Fed will lower interest rates.

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The main measure related to fixed mortgage rates is the 10-year Treasury yield. Historically, the mortgage rate was about 2 percentage points higher than the yield.

“The yield on the 10-year Treasury, which serves as the basis for fixed mortgage rates, will be lower than the previous trip, returning above 4% in early 2024 but as inflation cools and the Fed rates are about to be cut,” McBride said. “For mortgage rates, this shows a downward trend – albeit only starting – until 2024.”

One factor that keeps mortgage rates volatile: the larger-than-usual difference between mortgage rates and 10-year Treasury yields, an area known as the spread. For several decades, the difference averaged 2 percentage points. Last year, it was around 3 percent.

Wide spreads can take mortgage rates up, but the central bank’s stance on all bond spreads will remain wide through 2024, McBride said.

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“Even if the Fed maintains its quantitative easing policy, the spread between mortgage and Treasury rates will remain wide throughout the year,” McBride said.

As mortgage rates rise, the housing market suffers a long-term slump. According to the National Association of Realtors, the annual rate of home sales rose from 6 million in early 2022 to less than 4 million in late 2023.

Lower mortgage rates will spur new activity, bringing homebuyers back into the market and attracting buyers unwilling to pay the 3 percent rate locked in during the recession. epidemic.

Mortgage rates aren’t the only factor affecting home buyers, however, and a drop may not be enough to boost sales. The National Association of Realtors now expects sales to reach 4.71 million next year.

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“Low mortgage rates will help future home buyers, but affordability issues will remain front and center with home prices at record highs,” McBride said. “The supply of homes available for sale – even if they increase slightly in 2024 – will pressure sales and discourage buyers.”

Jeff Ostrowski covers the mortgage and real estate market. Before joining in 2020, he spent more than 20 years writing about real estate, business, economics and politics.

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Mission Federal Credit Union Mortgage Refinance Rates