The 30-year fixed-rate mortgage averaged 6.66% in the week ending Aug. 14, down four basis points from the previous week.

As investors have bought bonds expecting a Fed rate cut, that's helped mortgage borrowers. But even if the Fed does cut, home loans may not benefit.

The Mortgage Bankers Association predicts in its Mortgage Finance Forecast that 30-year mortgage rates will stay flat, starting the year at 6.8% and ending at 6.7%.

Certain missteps during this limbo period can hurt your chances of securing favorable loan terms, experts say.

In what was likely welcome news for aspiring home buyers, the average rate on a 30-year mortgage held at a 10-month low, sitting at “levels from early October 2024,” according to data released Tuesday from Mortgage News Daily.

Today, the mortgage interest rate on a 30-year fixed mortgage is 6.53%, according to the Mortgage Research Center, while the average rate on a 15-year mortgage is 5.51%. On a 30-year jumbo mortgage, the average rate is 6.

According to St. Germain, the Fed is likely to prioritize its dual mandate of keeping inflation in check, even with the political pressure increasing. As a result, prospective homebuyers shouldn't expect August to usher in much change for mortgage rates.

Mortgage Rate Forecast: Experts Say Rates Could Fall Below 6% This Year The housing market is already off to a better start in 2024. Katherine Watt Jan. 24, 2024 4:39 a.m. PT

Buyers are balking at today's stubbornly elevated mortgage rates. Here's why they're not as terrible as they seem.