Mortgage Rates Seen Falling in 2024, Sparking Hope for Housing Market Rebound
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Mortgage rates soared in 2022 due to Federal Reserve interest rate hikes to fight inflation, but are expected to fall in 2024 as inflation cools and the Fed cuts rates.
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Analysts predict mortgage rates could hit the mid-6% range by the end of 2024.
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As mortgage rates decline, monthly payments should also decrease.
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Home prices need to fall further or incomes need to rise more quickly to truly improve affordability.
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The housing market is still struggling and needs rates to fall more and/or prices to decline to spark a rebound.