Posted 1/23/2024, 8:44:49 PM
Mortgage Rates to Stay High in 2024 While Housing Shortage Fuels More Bidding Wars
- Freddie Mac expects mortgage rates to remain around 6% in 2024 after hitting a 23-year high in 2022
- Home prices are projected to increase by nearly 3% in 2024 amid high demand, especially from first-time millennial buyers
- The housing supply shortage will continue, with the U.S. estimated to be short over 3 million homes
- Lower mortgage rates could spur more demand and bidding wars, further pushing up prices
- Baby boomers own twice as many large homes as millennials with kids, leaving little incentive for empty-nesters to sell