Fed keeps interest rates unchanged

Fed keeps interest rates unchanged

On Dec. 13, the Federal Reserve announced it would hold off changing the key benchmark interest rate and hinted at possible rate cuts in 2024. Expect rates to decline as we enter the final weeks of the year, according to the majority of rate watchers polled by Bankrate.

Of those polled, 67 percent of respondents believe mortgage rates will decrease in the upcoming week. Eleven percent predict rates will increase, and 22 percent expect no change.

The average 30-year fixed rate dropped slightly to 7.21 percent as of Dec. 13, according to Bankrate’s national survey of large lenders, down from 7.23 percent the previous week.

Estimate your monthly mortgage payment based on current rates using this calculator.

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