Posted 12/17/2023, 11:00:00 AM
Mortgage Rates Drop to 7-Month Low, Sparking 2024 Homebuyer Rush
- Mortgage rates dropped last week and remain low, with 30-year rates at their lowest in over 7 months
- As rates fall in 2024, more buyers will enter the market, increasing competition and likely pushing prices up
- Homebuyers may want to consider buying early spring or late fall 2024 to avoid fierce competition
- Inflation is slowing and the Fed plans to cut rates in 2024, which should bring mortgage rates down
- Once the Fed starts cutting rates, mortgage rates are expected to decrease even further