Mortgage Rates Tick Up Slightly But Expected to Fall in 2024
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Mortgage rates as of January 10, 2024 have increased slightly, with 30-year fixed at 7.11%, 15-year fixed at 6.46%, and 5/1 adjustable at 6.41%.
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Rates are expected to continue fluctuating but may fall slowly over the course of 2024, potentially ending the year in the low 6% range.
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Many factors impact mortgage rates, including inflation, economic conditions, housing trends, and Federal Reserve policies.
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Lower rates can be achieved by having a good credit score, stable income, comparing lenders, and considering different loan types.
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Average 30-year fixed mortgage rates have climbed in 2023 but could decline by the end of 2024 if expert forecasts are correct.