Mortgage Rates on the Decline

Name: Housing Market Crash 1980’s Style - Fortune Mag
Uploaded: 2023-12-27T07:06:07-08:00
Duration: 1 min 6 s
Description: Anticipate a more favorable market in 2024 as mortgage rates are expected to ease. Rates peaked around 8% in 2023, but 2024 projections suggest an upcoming

"Mortgage Rates have already retreated from recent highs near 8% and may go even lower…"

~ Mark Fleming, Chief Economist at First American

Anticipate a more favorable market in 2024 as mortgage rates are expected to ease. Rates peaked around 8% in 2023, but 2024 projections suggest an upcoming shift with mortgage rates moving closer to 6.5% in the coming year. This decline provides optimism for buyers facing affordability challenges, hinting at an improved market environment for buyers in 2024.

“For homebuyers who are taking out a mortgage to buy a home and have been cautious about the fall increase in mortgage rates, the market is becoming more favorable and there should be optimism going into 2024 for a better market.”

~ Jessica Lautz, Deputy Chief Economist of the National Association of Realtors (NAR)