Mortgage Rates Just Hit a 14-Month Low—Should You Lock In Now or Wait for the Fed?

Mortgage rates on 30-year new-purchase loans have dropped to 6.34%, the lowest since fall 2024. Despite an expected Federal Reserve rate cut, mortgage rates may not fall further as they are influenced by inflation, housing demand, and bond yields, not just Fed actions. Buyers are advised to lock in rates when financially ready, as waiting to time the market can risk higher costs or losing a home opportunity.