Posted 3/31/2024, 1:00:08 PM
Mortgage Rates Expected to Fall in Late 2024, Improving Housing Affordability
- Mortgage rates skyrocketed since the COVID-19 pandemic began in 2020, leading to higher home prices and fewer affordable options for buyers
- Economists predict mortgage rates will fall in 2024, which could improve housing affordability
- Current average rates as of March 2024 are 6.21% for a 15-year fixed and 6.87% for a 30-year fixed mortgage
- Rates are expected to decline to between 6.05%-7.1% by late 2024
- Lower rates anticipated in late 2024 may create a good opportunity for prospective home buyers to enter the housing market