“Mortgage rates are plunging with the news of inflation calming,” Yun said.
“The interest rate rises should be over, and the Fed will have to consider cutting interest rates seriously,” he added. “In the meantime, the bond market is reacting as if the Fed will be cutting interest rates next year. Mortgage rates look to head towards 7% in a few months and into the 6% range by the spring of 2024.”
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FOX Business’ Megan Henney contributed to this report.
