Mortgage Rates on Track to Dip Below 6% in 2024

There's a lot of confusion in the market about what's happening with day-to-day movement in mortgage rates right now, but here's what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall. This is good news for potential homebuyers.

While mortgage rates are expected to continue to fluctuate based on various economic factors, experts agree that the overall trend for 2024 is downward. This means that if you're looking to buy a home, you can expect to see lower rates than what was available last year.

Here's a summary of what the experts are saying:

  1. Rates are expected to fall below 6% by the end of 2024. This is according to the latest projections from Fannie Mae, a leading mortgage lender.

  2. Even though rates won't reach the record lows of the pandemic, they will still be lower than pre-Great Recession standards. This is good news for homebuyers who are looking for affordable financing options.

What this means for you:

  1. Don't let short-term volatility distract you from the bigger picture. While mortgage rates are expected to continue to fluctuate in the short term, the overall trend is downward.

  2. If you've found a home that you love, don't wait to try to time the market and wait for rates to drop further. Even a small decrease in rates can make a big difference in your purchasing power.

The bottom line:

If you've been putting off buying a home because of high mortgage rates, now may be a good time to start considering your options. With rates expected to fall throughout the year, you could be looking at a significant savings on your mortgage.

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