Posted 12/14/2023, 10:01:00 PM
Mortgage Rates Dip Below 7% for First Time in Months, Sparking Hope for Housing Rebound
- Mortgage rates have fallen under 7% for the first time in 4 months, sparking some hope for the housing market
- Rates dropped from a high of 7.79% in October to 6.95% now after declining for 7 straight weeks
- Lower rates could help lift housing out of its "deep freeze" by spurring more home listings
- Analysts predict rates will keep falling as inflation slows, setting the stage for a housing rebound in 2024
- Median home prices are expected to hold steady in 2024 while rising income improves affordability