Mortgage rates today, May 21, 2024: Don’t expect drastic rate drops anytime soon

Fixed mortgage rates have dropped for two consecutive weeks, according to Freddie Mac. However, experts have released their latest rate forecasts over the last few days — and despite two weeks of decreases, economists’ longer-term outlooks are becoming less positive.

The Mortgage Bankers Association released its May Mortgage Finance Forecast on Thursday and predicted 30-year fixed rates will end the year at 6.5%. Fannie Mae’s May forecast now puts 30-year rates at a whopping 7% by the end of the year. In April, both the MBA and Fannie Mae predicted 30-year rates would drop down to 6.4% by late 2024.

Laura Grace Tarpley | Yahoo Finance

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