Posted 1/4/2024, 7:36:22 PM
Mortgage Rates Steady But Expected to Drop in 2023, While Housing Market Remains Challenging for Buyers
- Mortgage rates held steady to start 2024 but are expected to keep dropping through the year
- The 30-year fixed rate averaged 6.62% last week, similar to the prior week's 6.61%
- The Fed is expected to cut interest rates in 2023, which should lead to lower mortgage rates
- Home prices remain high and inventory low, presenting challenges for buyers
- 28% of prospective homebuyers are waiting for rates below 4% before purchasing