The average rate for a benchmark 30 year mortgage inched down 6 basis points (0.06 percentage points) over the past week to 6.88 percent, which is only 15 basis points higher than at the same time last year and 85 basis points below its long-term average of 7.73 percent, with the average rate for a 30-year Jumbo having inched up to 7.21 percent.
At the same time, the expected value of the Fed’s rate cuts this year has effectively held firm over the past couple of weeks, forecasting a total of three (3) quarter-point rate cuts in 2024, which is roughly half the number of cuts that some were suggesting at the end of last year, none of which should catch any plugged-in readers by surprise.