It's hard to predict exactly where mortgage interest rates will go in 2024, as much depends on factors like the state of the economy and how the fed responds to inflation. That’s still down from recent peak levels of almost 8%.
Lower mortgage rates will bring more buyers onto the market, putting upward. That’s still down from recent peak levels of almost 8%.
Some Experts Said That Reduced Interest Rates Could Result In Higher Housing Prices.
If inflation continues to dissipate and the economy cools or goes into a recession, it’s likely mortgage rates will decrease in 2024.
However, What If These Predictions Are Off And Mortgage Rates Hover Around 7% Or Even Climb Higher?
Greg mcbride, bankrate’s chief financial analyst, expects rates to fall gradually throughout the year, reaching 5.75 percent by the end of 2024.
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The Financial News Site Predicts That Mortgage Rates Will Fall To Somewhere Between 5.4% And 6.8% In 2024, Depending On The Pace And Extent Of The Fed's Rate Cuts And The Inflation Outlook.
Although inflation is cooling more slowly than expected, in the longer run it is still expected to cool.
That’s Still Down From Recent Peak Levels Of Almost 8%.
However, what if these predictions are off and mortgage rates hover around 7% or even climb higher?