![]() Projected 30-year mortgage rate (by end of 2024)Īt the close of 2023, the average rate on a 30-year fixed-rate mortgage was 6.61%, according to Freddie Mac. Here’s where experts are predicting mortgage rates will land by the end of 2024: Source ![]() The consensus among industry professionals is that mortgage rates will gradually decline across 2024. ![]() How far could mortgage rates drop in 2024? Should those predictions ring true, the question is whether the drop will be enough to shift housing affordability in the right direction. Keeping with many other housing economists, Kushi expects mortgage rates to decline in 2024-but only a modest amount. Homeowners who might have otherwise sold instead stayed put not wanting to lose existing-much-lower-interest rates. And for would-be sellers, they had a lock-in effect. Though a far cry from the double-digit highs of the 1970 and 80s, for hopeful buyers, those rates crushed affordability. Mortgage rates climbed for most of 2023, reaching nearly 8%-a level not seen in two decades. “2024 won’t be just right, but it will be heading in a normalizing direction.” “The pandemic was too hot 2023 was too cold,” says Odeta Kushi, deputy chief economist at First American Financial Corporation, a title insurance and settlement services provider. The bad? They probably won’t drop as much as you’d like. The good? Mortgage rates are expected to drop in the new year. If you’ve been sitting on the housing market sidelines because of sky-high mortgage rates, there’s good and bad news heading into 2024. ![]()
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