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Here’s how far mortgage rates could drop before the end of 2024

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The mortgage rate landscape could shift even further in favor of buyers over the next few months, experts say.

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The Federal Reserve’s 50-basis-point rate cut from September 18 has started to push mortgage interest rates down, bringing a glimmer of hope to potential buyers. With two more Fed meetings scheduled before the end of 2024, we could see rates continue to fall.

Experts are weighing in on how low mortgage rates might go, and their predictions might surprise you. Some see rates dropping to the mid-5% range, while others are even more optimistic. But factors such as inflation and government debt could impact these forecasts.

If you’re eyeing a home, the question becomes: Should you buy now or wait for lower rates? It’s a tricky balance. Lower rates mean smaller monthly payments, but they also could spark a surge in home prices. Here’s what mortgage specialists predicted in terms of potential rate drops for the rest of this year.

Don’t miss out on today’s low mortgage rates. Compare your mortgage loan options now.

Here’s how far mortgage rates could drop before the end of 2024

Debbie Calixto, sales manager at loanDepot, offers a cautiously optimistic view of where mortgage rates could head before 2025. 

“While we’ll likely see a modest improvement in mortgage rates following [the Fed’s decision on the 18th], future movement will depend on economic data in the coming weeks,” Calixto says. 

Calixto predicts the Fed might cut rates by another 50 to 75 basis points by year-end, potentially bringing mortgage rates down to the mid-5% range.

Josh Green, a mortgage loan officer at Barrett Financial Group, is bullish on rate cuts. 

“If we’re talking about a conventional 30-year fixed with 25% down and a 740 credit score, I’d say we’ll hit around 5.5% to 5.75% by the end of 2024,” Green says. 

Green believes rates will continue to drop as we enter 2025, barring unexpected inflation spikes.

Looking further ahead, Dean Rathbun, a mortgage loan officer at United American Mortgage Corporation, paints an even brighter picture.

“We’re looking at rates to possibly be in the high fours or low fives by 2025,” Rathbun says. This could be a game-changer for new buyers and recent homebuyers looking to refinance.

Learn about the top mortgage loan rates you could qualify for here.

Pros and cons of waiting for another rate drop

Even with rate drops on the horizon, waiting might not be the best move for homebuyers.

“Traditionally when rates drop, sales activity picks up and therefore prices become higher,” Rathbun says. He tells his clients it’s often better to buy with a slightly higher interest rate today because refinancing is possible later.

But your decision ultimately depends on your circumstances. To determine what makes the most sense, it may help to weigh these pros and cons:

Pros of waiting

Cons of waiting

Should you buy a home now or later?

When deciding, Calixto advises focusing on what’s best for you and your family rather than market conditions you can’t control. It may help to ask yourself:

  • Is your family growing?
  • Are you looking to put down roots in a new community?
  • Do you want to be closer to family?

These factors often outweigh slight differences in interest rates.

Her own experience illustrates this point. In 2016, Calixto bought a home for her family. 

“I found [the perfect] house for us, but it needed work,” Calixto says. “Despite the higher monthly payment, I saw its potential and made an offer, knowing I’d have to make some sacrifices to afford it.”

Over the next five years, she renovated the home and refinanced it to lower her interest rate and payments. Today, she has nearly $400,000 in home equity.

Calixto’s story highlights an important consideration: Waiting for lower rates can work against you. 

“Had I waited, I wouldn’t have been able to buy this home — the lower rates led to higher property values, which would have pushed it out of my price range,” she explains.

The bottom line

Mortgage rates may drop further, but waiting could cost you in other ways. “Inventory is tight and there are plenty of buyers out there, even [at] current prices,” Green says. If you continue to sit on the sidelines, “you can almost count on prices going up as a result.”

So if you’ve been thinking about buying a home or refinancing, it could benefit you to work with a respected mortgage professional who can help you prepare, understand your options and determine whether you can afford and sustain a home purchase.



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New York City Mayor Eric Adams pleads not guilty to federal bribery and wire fraud charges; Dockworkers from Maine to Texas threaten to strike next week.

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Supreme Court denies RFK Jr.’s bid to be reinstated on New York ballot

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Washington — The Supreme Court on Friday rejected a bid by independent presidential Robert F. Kennedy Jr. to restore his name to New York’s general election ballot.

The unsigned order from the court leaves intact a lower court decision declining to place his name back on New York’s ballot ahead of the Nov. 5 contest. Kennedy mounted an unsuccessful independent bid for the White House and, after suspending his campaign last month, is working to have his name removed from ballots in more than a dozen states.

He has since endorsed former President Donald Trump, the Republican nominee.

Kennedy asked the high court in an emergency appeal this week to reinstate his name in the Empire State, arguing that his supporters “have a constitutional right to have Kennedy placed on the ballot — and to vote for him, whether he is campaigning for their vote or not.” 

“Whatever inconvenience the [state] may have in adding Kennedy to the ballot seven weeks before the election, it seems inconceivable that those difficulties or expenses could outweigh the constitutional rights of 108,417 New York voters,” his campaign told the court in its request for emergency relief.

Robert F. Kennedy Jr. before the first presidential debate between former President Donald Trump and Vice President Kamala Harris on Sept. 10, 2024, in Philadelphia.
Robert F. Kennedy Jr. before the first presidential debate between former President Donald Trump and Vice President Kamala Harris on Sept. 10, 2024, in Philadelphia.

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The dispute arose after Kennedy collected more than 120,000 signatures to appear on New York’s ballot. The signatures were submitted to the state elections board in May, which went on to certify their validity and vote to place Kennedy on the ballot.

But several individuals filed a lawsuit in state court challenging Kennedy’s nominating petition. A state court and appeals court both ordered the board to keep Kennedy off the ballot on the grounds that his nominating petition listed an invalid address for the presidential hopeful. State law requires a nominating petition to show the candidates “place of residence” which is defined as their “fixed, permanent and principal home.”

The address in Katonah, New York, that Kennedy listed on his petition belongs to a friend, whom he paid $500 a month beginning in May for a room that he and the friend both say he has stayed in just once. 

Kennedy said in a sworn declaration filed with a federal court in New York that he is registered to vote in the state and “for consistency purposes” was advised by his election law counsel to use the Katonah address on the nominating petition and other state petitions requiring a residence.

But the state appeals court concluded that the Katonah address wasn’t Kennedy’s “fixed” or “permanent” home, and determined he never lived there. New York’s top court, the Court of Appeals, declined to review the lower court’s decision.

While the state court proceedings were underway, Kennedy’s campaign challenged his exclusion from New York’s ballot in federal court, claiming the state’s residence requirement is unconstitutional. A district judge and the U.S. Court of Appeals for the 2nd Circuit, however, declined the campaign’s request to restore Kennedy to the ballot.

The Board of Elections issued a certification of New York’s general election ballot on Sept. 11 that omitted Kennedy from it.

Kennedy, the son of the late Robert F. Kennedy and nephew of John F. Kennedy, argued in a filing with the Supreme Court that the address on his nominating petition is “entirely immaterial” to voters and to New York, and said the residence requirement is not related to a qualification to run for the presidency.

His campaign also argued that disclosing a “controversial” public figure’s home address puts him and his family at risk.

“It can result in round-the-clock demonstrations outside his house, attacks on his home, and harassment of his family, including his children,” Kennedy’s campaign argued. “This is a severe burden to impose on a presidential candidate on pain of exclusion from the ballot.”

The Board of Elections urged the Supreme Court to reject Kennedy’s request, noting that not only has the ballot certification deadline already passed, but so has a federal deadline for mailing ballots to overseas and military voters, which was Sept. 21.

“The requested injunction would not only severely disrupt the state’s election processes and trigger substantial voter confusion, but also cause New York to miss federal deadlines for mailing overseas and military ballots and potentially disenfranchise voters who receive and vote the original ballot,” state officials wrote in a Supreme Court filing.

They also noted that Kennedy has already called off his own presidential campaign, endorsed Trump and is in court in other states to remove his name from their ballots.

“Kennedy’s purported concern for his petition signers’ rights is highly questionable given his attempts to remove his name from the ballots in other states,” New York officials said. “Meanwhile, voters who may not be aware of Kennedy’s suspension of his candidacy may be misled by his presence on the ballot into thinking that he remains a bona fide candidate for the presidency.”

Kennedy’s suspension of his campaign came after months of fighting to get on the ballot in every state and Washington, D.C. At the time, he said he would seek to have his name removed from the ballots in 10 states that his campaign considered competitive because it risked harming Trump’s chances of winning the election against Vice President Kamala Harris. He also endorsed Trump, but said his supporters should still vote for him in states where it would not be to the detriment of the Republican nominee. 

But Kennedy later encouraged his supporters in every state to vote for Trump and has sought to remove his name from the ballot in more states than the original 10. According to CBS News’ latest tally, Kennedy’s name won’t appear on the ballot in 18 states

His campaign website now declares “a vote for Trump is a vote for Kennedy.”

In August, a Georgia judge determined Kennedy was “not qualified” to appear on the state’s ballot, citing questions about his New York residency. Georgia was one of the 10 states where Kennedy wanted his name removed from the ballot and he did not challenge the decision.

While he fights to have his name reinstated in New York, he’s waging a separate battle in Michigan to have his name removed. The Michigan Supreme Court ruled in September to keep him on the ballot. He has appealed to the U.S. Court of Appeals for the 6th Circuit.  

Kennedy’s request for relief is the third involving the 2024 election to land before the Supreme Court, though more are expected. The justices in August revived part of an Arizona law requiring documentary proof of citizenship when registering to vote using a state-created form, but declined to allow enforcement of provisions mandating such proof in order to vote for president or by mail.

Earlier this month, it rejected a bid to put Green Party presidential candidate Jill Stein on the Nevada general election ballot.



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Preview: Chris Martin and Jonny Buckland of Coldplay

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In this preview of an interview to be broadcast on “CBS Sunday Morning” September 29, correspondent Anthony Mason talks with Chris Martin and Jonny Buckland of the rock band Coldplay about their massively-successful world tour.

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