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Housing Experts Predict Mortgage Rates In 2024

Mortgage rates (Photo: resolutionlawng)

It has been a brutal year for homebuyers, as they faced a tough real estate market this year. With home price rates continuing to rise and mortgage price rates reaching their highest level in more than 20 years, housing experts are here to provide some mortgage rate forecasts for the coming year.

Home Prices (Photo: roselawgroupreporter)

Housing Experts On Home Prices And Mortgage Rates Next Year

SOURCE– Good news for homebuyers for the year 2024, as housing experts predict a slight decrease in home prices is expected next year. Housing experts predict a 1.7% home price decline in 2024.

Mortgage rates have been escalating since 2022, when the Fed began hiking its benchmark rate in an attempt to tame the highest inflation in four decades, but economists believe that due to the rapidly cooling inflation right now, the Fed may start cutting its benchmark rate.

Housing experts predict that this could push mortgage lenders to follow, with rates potentially lowering up to 6.5% in 2024.

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Housing Experts Forecast On Home Inventory in 2024

As for the increase in home inventory in 2024, housing experts have bad news. According to CBS News, housing experts don’t foresee any improvement in the number of available homes for sale next year.

Housing experts note that even if mortgage rates fall to the 6 percent range, homeowners would still face higher financing costs. As a result, an increase in properties hitting the market next year is unlikely to happen, meaning inventory could remain tight in 2024.

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