On May 1, 2024 Federal Reserve officials judged that inflation had not cooled enough to reduce key interest rates. “… expectations for the timing of the first rate cut – which had been concentrated around June in the March surveys – shifted out significantly and became more diffuse.” “Participants observed that while inflation had eased over the past year, in recent months there had been a lack of further progress toward the Committee’s 2 percent objective.”
It appears that mortgage rates won’t change much this year unless something dramatic happens to change the economic health of the U.S.
