Posted 12/2/2023, 9:15:01 PM
Mortgage Rates to Fall Slightly But Stay High as Home Prices and Rents Dip in 2024
- Mortgage rates will decline somewhat in 2024 but remain high at an average of 6.8%
- Home prices are forecast to drop 1.7% in 2024, providing some relief for buyers
- Inventory will plummet 14% as the "lock-in effect" limits existing homeowners from selling
- Rents will see a slight 0.2% decline in 2024 thanks to increased construction, especially of multi-family units
- Demand for rentals will remain high as more millennials age out of first-time homebuying and stay in the rental market longer