Posted 1/26/2024, 11:03:00 AM
Mortgage Rates Forecast to Drop Below 6% by 2024, Sparking Housing Market Activity But Affordability Concerns Remain
- Mortgage rates expected to fall below 6% by end of 2024, narrowly avoiding recession
- Lower rates to "thaw" housing market by prompting more homeowners to sell
- 9 in 10 homeowners currently have rates under 6%, face little incentive to move
- New home demand up as resales limited by low inventory
- But full housing recovery still years away as affordability remains a challenge