Industry forecasters predict that mortgage rates will continue to slide in 2024, enticing more homeowners to list their properties and bringing out more buyers. Some areas of the country are expected to see gains in home prices.
Many home buyers no doubt are relieved to see this year’s inhospitable real estate market in their rear view mirrors. Mortgage rates nearly hit 8% as prices remained firm, making purchases the most expensive in decades. A limited selection of existing homes on the market added to the pain. The good news: the outlook for 2024 is brighter. Industry forecasters say rates for the average 30-year mortgage will continue to slide.
That will entice more homeowners to list their properties after clinging to their ultralow rates, and bring out more buyers. Forecasters largely see flat-to-positive home price growth—with some areas of the country more likely to see gains than others. Here are three housing market predictions for 2024: Mortgage rates will fall—but remain above 6% Mortgage rates are finished hitting multidecade highs but the road lower could be bumpy. Mortgage rates measured weekly by Freddie Mac climbed as high as 7.79% in October, then began cooling. The average 30-year fixed rate was 6.67% for the week ended Thursda
Housing Market Predictions Mortgage Rates Home Prices Real Estate
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