Many experts predict rates will come down somewhat in 2024, though not all agree on what that will look like.
In 2020, interest rates plummeted as the Federal Reserve tried to prevent the economy from crashing due to the pandemic. These low rates helped fuel a real estate frenzy, with many homebuyers locking in 30-year fixed-rate mortgages at sub-3% rates. Now, however, as the Fed has tried getting a handle on inflation, interest rates have soared, including for mortgages.As of October 11, 2023, the average 30-year fixed-rate mortgage in the US is 7.83%.
See what rates you could qualify for here. How will mortgage rates change throughout 2024?While rates might be roughly in line with current levels at the start of next year, give or take a little, some experts predict a stronger drop throughout 2024.'I personally see mortgage rates coming down into the mid-6s by the second quarter and ending up in the lower 6s or high 5s by the end of the year,' says Schachter.Frick takes a similar view.
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