30-year mortgage rates have dropped to 6.48%, the lowest since October 2024, following a recent three-day decline. The Federal Reserve is expected to cut rates multiple times this year due to weak job reports, but these cuts mainly affect short-term borrowing, not long-term mortgage rates. Mortgage rates are influenced by inflation, demand, housing supply, and bond yields, making them unpredictable. Buyers should consider purchasing when ready, as waiting for lower rates may risk missing opportunities. Refinancing remains an option if rates fall later.