Mortgage Interest Rates Today, April 23, 2024 | Rates Hold Steady, but They Could Move Later This Week [Business Insider]
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Insider
Currently, 30-year mortgage rates remain near 7%, according to Zillow data. On Thursday we'll get gross domestic product data showing how much the US economy grew in the first quarter of 2024. Then, the latest personal consumption expenditures price index, a key measure of inflation, will be released on Friday. If these reports come in hotter than expected, mortgage rates could tick up higher. The core PCE price index, which strips out food and energy, is the Federal Reserve's preferred inflation gauge. This index is expected to come in a bit lower than last month's reading, which would be good news for mortgage rates. Mortgage rates will likely remain elevated until inflation slows further and the Fed is able to start lowering the federal funds rate . Investors are currently pricing in September for the first Fed cut, according to the CME FedWatch Tool . This means we could see mortgage rates start to trend down in fall. But first, we'll need to see a few months of data showi
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