Posted 12/31/2023, 11:00:00 AM
Mortgage Rates Falling But Home Prices Still High As Recession Looms
- Mortgage rates skyrocketed in 2023 but are expected to fall in 2024 as inflation cools
- Average 30-year mortgage rates are currently below 6.5% and should continue to decrease
- Home prices rose significantly in 2022-2023 and are not likely to drop much amid low supply
- During a recession home prices tend to fall as fewer buyers can afford purchases
- Experts recommend allocating no more 28% of gross monthly income toward housing expenses including mortgage, taxes and insurance