Posted 1/4/2024, 6:05:00 PM
Mortgage Rates Could Drop to 6% by 2024, Bringing Homebuying Relief But Affordability Challenges Persist
- 30-year fixed mortgage rates could fall to 6% or below in 2024, boosting homebuyer demand
- Affordability challenges will persist as housing remains expensive for many
- Lower rates could soften the "lock-in effect" causing more homes to hit the market
- Housing activity will remain sluggish overall compared to peak pandemic levels
- A 2008-style housing market crash is unlikely due to strong market fundamentals