# when will mortgage rates go down

How does paying down a mortgage work? | Consumer Financial Protection Bureau » The amount you borrow with your mortgage is known as the principal. Each month, part of your monthly payment will go toward paying off that principal, or mortgage balance, and part will go toward interest on the loan. Interest is what the lender charges you for lending you money. Consumerfinance.gov

Mortgage Interest Rate Forecast for 2023-2024: When Will Rates Go Back Down? » After more than two years of steady declines, rates for 30-year fixed-rate mortgage loans reached a record low of 2.7% at the end of 2020, according to data from Freddie Mac. By the week ending Nov. 10, 2022, rates had climbed to 7.08%, topping 7% for the first time since 2002. Rates dropped off again after that but have trended upward since February, reaching 7.57% the week ending October 12-- the highest so far this year. The rate is 7.57% as of the week of Oct. 12. It remains to be seen whether this trend will continue or whether economic forces will drive rates down again in 2023. What Is the Interest Rate Forecast for 2023? In recent months, the Federal Reserve has been regularly raising the federal funds rate. Many factors influence this decision. But the Fed's mission to tame inflation through raising rates has been a major factor. The Federal Reserve has a stated goal of pushing the inflation rate down to a target of 2%. As of writing, the Consumer Price Index, widely regarded… Gobankingrates.com

r/FinancialPlanning on Reddit: I'm looking at mortgage rates and wondering if now may be a bad time to buy a house… » Posted by u/GetEdgeful - 226 votes and 277 comments Reddit.com

How Long Will Interest Rates Stay High? » It’s pricey to borrow to buy a business, car or home these days. Interest rates are expected to fall in coming years — how much is up for debate. Nytimes.com

Mortgage Rates Forecast For 2024: When Will Rates Finally Come Down? » It seems mortgage rates fever has finally broken—at least for now. After rising to a scorching 7.79% in October—the 2023 high—mortgage rates have cooled markedly in recent weeks amid signs of receding inflation pressures and promising signals from the Federal Reserve. The average 30-year fixed Forbes.com

When Will Inflation Go Down? - NerdWallet » The Federal Reserve's plan to cure inflation will take time. Here's when we're likely to see progress on lower prices. Nerdwallet.com

r/MilitaryFinance on Reddit: Wishing VA mortgage rates would go down! » Posted by u/Healthy_Necessary903 - 33 votes and 43 comments Reddit.com

Mortgage Rates Hover Below 7% | Bankrate » The 30-year mortgage rate averaged 6.93 percent the week of Jan. 24, according to Bankrate's weekly survey. Bankrate.com

When will mortgage interest rates drop? Here's what experts think » Mortgage rates are high today, but could there be relief in sight for potential homebuyers? We asked experts what they predict. Cbsnews.com

When Will Mortgage Rates Go Down? It's Hard to Say, But Housing Experts Weigh In » Mortgage rates have been on the rise after their historic lows in 2021. We will explain why and share predictions for when they will go down. Homelight.com