All eyes will once again turn to the Federal Reserve this week as they meet to discuss the next steps with interest rates and economic policy. Specifically, will they raise rates above their current 23-year high? Or will they keep them steady following a series of disappointing inflation reports at the start of 2024? After all, rate cuts that seemed promising at the beginning of the year now seem off the table, possibly for the rest of the year.
However, if homebuyers were hoping for a rate cut, as some were predicting at the end of 2023, that's not likely to happen, at least for now.See what mortgage rate you could secure before the Fed announces its rate decision.How to get a lower mortgage rate nowWhile the sub-3% mortgage rates of 2020 are unlikely to return anytime soon , that doesn't mean homebuyers still can't get a lower mortgage rate now. It will just require a bit more work and strategic planning.