Mortgage Rates Could Drop Further in 2024 But Outlook Uncertain
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Mortgage rates already fell at the end of 2023 after the Fed indicated it would cut interest rates in 2024. Some experts think rates won't fall much more.
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Other experts predict mortgage rates could fall around another 1% in 2024, with 30-year fixed rates potentially decreasing to about 5.5%.
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If mortgage rates do drop further in 2024, experts expect it would likely happen in the first half of the year, aligned with possible Fed rate cuts.
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Experts are monitoring economic data like consumer spending, GDP, and inflation as well as bond yields and housing market indicators to gauge the direction of mortgage rates.
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Homebuyers must weigh buying now versus potentially getting a lower rate later, but also face risks if rates or prices go up.