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Where are mortgage interest rates expected to go throughout 2024? Understanding the mortgage rate trends in Seattle can help you make a more informed decision about when to buy a home and take out a home loan.
During the third week of October 2024, Freddie Mac reported that the average rate for a 30-year fixed mortgage landed at 6.44%. What’s the forecast for Seattle mortgage rates further into 2024 and into 2025?
We’ll get to the long-range forecasts in a moment. First, let’s take a look at where we are right now.
As mentioned above, Seattle mortgage rates are currently hovering around 6.44%. These are average rates for 30-year loans, based on the weekly survey conducted by Freddie Mac. They solicit input from lenders across the country, including the Seattle metro area.
Freddie Mac then compiles the average rates presented by those lenders, and publishes the results. They’ve been doing this since the 1970s.
One thing will jump out at you right away: current mortgage rates are slightly lower than they were at the start of 2024. However, they are still somewhat high, relatively speaking.
That’s where we are in the third week of October 2024. Now let’s adjust the lens and look out over the horizon, with a forecast for Seattle mortgage rates.
The Mortgage Bankers Association (MBA) expects mortgage interest rates to hit 6.6% by the end of 2024 and 6.4% by early 2025.
Also, Freddie Mac offered a mortgage rate forecast that was a little higher than the MBA’s outlook shown above. The company stated that they expect rates for 30-year fixed-rate mortgages to end off 2024 around 6.7%.
Related: Seattle housing market forecast
The Federal Reserve has something to do with all of this. While the Fed does not control mortgage rates directly, they do control the shorter-term federal funds rate (which banks use when transferring balances). So the Fed’s monetary policies can have an indirect influence on mortgage rates.
During one of their latest scheduled meetings, Fed officials decided to cut the interest rate by 50 basis points. This reduces the interest rate target to a range of 4.75% to 5%.
But who knows what will happen at the Fed’s next meeting.
So what’s the general consensus here? Based on these and other sources, the forecast for Seattle mortgage rates could best be described as maintaining a steady level between now and the end of 2024, and even a slight uptick.
Again, this is just a forecast. It’s the equivalent of an educated guess. A highly educated guess — but a guess nonetheless.
The point is that we probably shouldn’t expect mortgage rates to increase that much in the next few months, but rather to potentially dip. This is something to consider if you’re planning to buy a home or refinance your existing loan.
Are you a Seattle home buyer preparing to make a purchase, or a homeowner planning to refinance? We can provide you with an instant rate quote to help you move forward.
We can also answer any questions you have about the different types of home loans, and which one might be best suited to your situation. We offer a variety of loan options, including FHA, VA, and conventional.
Sammamish Mortgage has been proudly serving borrowers in the Seattle metro area for three decades, and we welcome the chance to help you as well!
Disclaimer: This article includes mortgage rate forecasts and predictions from third-party sources not associated with our company. We have simply compiled this information as an educational service for our readers. Mortgage rates tend to vary based on geography, loan features, and credit qualifications. Please contact us if you would like to receive a quote.
Sammamish Mortgage is a local mortgage company serving the broader Pacific Northwest region, including Washington state, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products in Seattle, WA with flexible qualification criteria, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans, and have been doing so since 1992. Please contact us to get an instant rate quote or if you have questions about applying for a home loan.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.