Posted 1/18/2024, 5:59:35 PM
Mortgage Rates Retreating Below 6% This Year Could Spark Housing Rebound
- Mortgage rates expected to fall below 6% this year according to Fannie Mae forecast
- Rates reached 7.8% high last fall but now dropping thanks to slowing economy and demand for bonds
- Refinancings surging as rates fall, expected to help thaw existing home sales market
- Full recovery to pre-pandemic home sales levels expected to take years as affordability stretched
- Average US home price growth projected in low-to-mid single digits for 2023 indicating market recalibration