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When will mortgage interest rates fall again? Watch these 3 dates
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Homebuyers and homeowners looking to refinance both received positive news earlier this month when mortgage interest rates plunged to their lowest level in two years. That drop was partially due to the expectation that the Federal Reserve would cut its federal funds rate. And the Fed did take that action later the same day, making a larger-than-expected 50 basis points cut. Still, most (if not all) of that cut had already been priced in in advance by mortgage lenders. That leads to the question, then, about when mortgage interest rates will fall again.
Predicting the rate changes for any product can be difficult, if not impossible (especially for mortgage interest rates which are influenced by a variety of factors besides just the Federal Reserve). But that doesn’t mean that buyers and owners can’t still get an approximate idea of when rates will adjust downward. Below, we’ll detail three calendar dates to monitor in which rates could fall.
Want to take advantage of today’s lower rates? See what you could qualify for here.
When will mortgage interest rates fall again?
With so many factors driving mortgage interest rates, it’s worth monitoring each day. But the following three dates could be particularly influential:
October 3, 2024
Intercontinental Exchange Inc (ICE), a closely followed financial services company that monitors mortgage activity, will release it’s next mortgage monitor report on this date. And it could be an interesting one now that mortgage rates are consistently cooling. Review it, then, for information on trends, home prices and buyer sentiment, specifically. Lenders will also be reviewing it to gauge any movement they want to get ahead of and, accordingly, could start lowering their mortgage rates in response.
Start exploring your mortgage rate options online today.
October 4, 2024
Unemployment data for the month prior is typically released on the first Friday of a new month. So keep an eye out when September numbers are released on Friday, October 4. While it may seem unrelated to mortgage rates on the surface, a problematic report there showing muted growth, or, worse, an increase in unemployment figures, could play into Fed considerations about additional rate cuts. Mortgage lenders, then, could start pricing in additional reductions in advance. So poor unemployment news on this date could lead to further mortgage rate adjustments that Friday and in the week after.
October 10, 2024
October 10 will be the day the next inflation report is released by the Bureau of Labor Statistics. Further cooling in the rate there could make the Fed feel more comfortable reducing interest rates again when they meet in November (there’s no Fed meeting scheduled for October). This data will go a long way toward informing the Fed’s long-term approach to rates since it’ll be the first round of inflation data to be released post-September rate cut. Watch it carefully.
The bottom line
October 3, 4, and 10 could all be days in which mortgage rates may fall again. But while rates may make bigger moves on these dates than some other upcoming ones, the overall climate is a fluid one right now and both buyers and owners should take a more proactive approach as a result. After years of waiting for mortgage rates to finally become affordable again, the time to act could be now for some buyers, or just weeks away for others.
Have more questions? Learn more about your current mortgage options here.
President Biden has given the OK to lift restrictions that will allow Ukraine to use U.S.-provided long-range weapons to strike deep into Russian territory, a U.S. official confirmed to CBS News on Sunday. The move is a significant change to U.S. policy in the ongoing Ukraine-Russia conflict.
The easing of restrictions would allow Kyiv to use the Army Tactical Missile System, or ATACMS, to hit targets inside Russia. The move also comes as some 10,000 North Korean troops were sent to Kursk near Ukraine’s northern border to help Russian forces retake territory.
The White House National Security Council declined to comment to CBS News.
The U.S. decision could help Ukraine at a moment when Russian forces appear to be making gains and could put Kyiv in a better negotiating position when and if peace talks happen.
It also comes as Mr. Biden is about to leave office and President-elect Trump has pledged to limit American support for Ukraine and ending the war as soon as possible.
In an interview with Ukrainian media outlet Suspilne on Friday, President Volodymyr Zelenskyy said Kyiv would like to end the war with Russia next year through “diplomatic means.”
He said he is certain that the war will end “sooner” than it otherwise would have once Mr. Trump becomes president.
“It is certain that the war will end sooner with the policies of the team that will now lead the White House. This is their approach, their promise to their citizens,” Zelenskyy said.
February 2025 would mark the third year of Moscow’s invasion of Ukraine with Russia’s troops gaining ground in recent months.
For several months, Zelenskyy and many of his Western supporters have been requesting to use U.S. weapons to hit Russian military targets far from its border, saying the U.S. ban had made it impossible for Ukraine to try to stop Russian attacks on its cities and electrical grids.
Some congressional Republicans have urged Mr. Biden to loosen the rules on how Ukraine can use U.S.-provided weapons.
contributed to this report.
CBS News
Ohio governor, other leaders condemn neo-Nazi march in Columbus: “Your hate isn’t welcome in our city”
Leaders in Ohio condemned a group of neo-Nazis parading around part of Columbus carrying flags with swastikas on Saturday afternoon.
Columbus public safety dispatchers told CBS affiliate WBNS on Saturday that they received multiple 911 calls around 1:30 p.m. about a group of individuals marching in the city’s Short North.
Video sent to the station showed nearly a dozen people wearing black pants, shirts and head coverings and red masks covering their mouths marching down the street. Three of the people were carrying black flags with red swastikas.
It was not immediately clear who was in the group.
Hours after the incident, Mayor Andrew Ginther released a statement saying the city rejects the “cowardly display” and that it “stands squarely against hatred and bigotry.”
“We will not allow any of our neighbors to be intimidated, threatened or harmed because of who they are, how they worship and whom they love,” Ginther said in his statement shared on X.
The city’s attorney, Zach Klein, said in a statement on X that those involved in the neo-Nazi march should “take your flags and the masks you hide behind and go home and never come back. Your hate isn’t welcome in our city.”
“This is not who we are, and we will not tolerate or normalize this disgusting ideology in any form,” he added.
Gov. Mike DeWine said in his own statement that the people involved in the incident were “spewing vile and racist speech against people of color and Jews.”
“There is no place in this State for hate, bigotry, antisemitism or violence, and we must denounce it wherever we see it,” he said.
Columbus Division of Police Sgt. Joseph Albert told WNBS that there were no arrests made, although he noted that many of the individuals were detained but later released.
Columbus, Ohio’s largest city, is located roughly 45 minutes from Springfield, where the Columbus Dispatch reported that neo-Nazis marched through the streets this summer as the city became the focal point of false claims about Haitian immigrants in the presidential election.
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