Mortgage Rates Could Drop to 6.5% in 2024, But Unlikely to Return to Pandemic Lows
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Mortgage rates could fall to around 6.5% for 30-year fixed rates in 2024 due to cooling inflation and the Fed cutting rates.
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Another scenario is rates dropping more sharply to around 6% for 30-year fixed mortgages if the economy cools and inflation declines.
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There's also a possibility rates stay steady or even rise if inflation worsens, though most experts see rates falling.
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Predictions estimate modest drops in rates, not returns to sub-3% pandemic lows.
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Homebuyers should focus on controllable factors like shopping for the best rates rather than predictions.