Mortgage interest rates expected to remain stable in November

Mortgage interest rates are expected to remain stable in November, with predictions suggesting they will not fall below 6%. Rates had previously dropped in anticipation of Federal Reserve cuts but rose again in October due to strong economic data. Experts indicate that mortgage rates may experience volatility in early November, influenced by the upcoming election and Fed meeting. However, significant declines are not anticipated, with rates likely staying in the 6.375% to 6.875% range through the end of 2024. While some analysts foresee potential rate drops later in 2024 or early 2025, strong economic indicators could keep rates elevated. Homebuyers are advised to monitor market conditions closely and consider pre-approval to act quickly if rates decrease.