Will Mortgage Rates Keep Falling? See What Experts Predict!

Whether you see it as good news or not so great, today's mortgage rates from Freddie Mac are sparking different reactions.

Here’s the scoop: the 30-year fixed mortgage rate has averaged 7.02% over the past week. On the bright side, mortgage rates have dipped for the second week in a row and are still below the long-term average of 7.74%. However, it’s not all sunshine—rates have been over 7% for five consecutive weeks now. 

So, if you were to buy a $400,000 home with a 10% down payment, your monthly mortgage payment would be around $2,400. With a 20% down payment, it drops to about $2,133.

Here's some more positive news: The latest CPI report indicates a slight dip in inflation, edging closer to the Fed's target of 2%. The stock market has responded well, and this could spell better news for mortgage rates as we head into the late spring, potentially benefiting anyone looking to buy homes in the next few months.