Mortgage rates plunge ?What this means for homebuyers and sellers | ChicagoNOW

Mortgage rates just saw their biggest one-day drop in months?hitting their lowest level since late 2022. The average 30-year fixed rate dipped to 6.13% on Tuesday, as investors anticipate a widely expected rate cut by the Federal Reserve. But as we?ve seen before, what looks like relief for homebuyers can quickly shift?especially if rates move unexpectedly after the Fed?s decision.