Mortgage Rates Expected to Drop Slightly in 2024, But Decreases Will Be Small
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Mortgage rates are expected to fall slightly by the end of 2024, but the decrease may be gradual. Experts think rates could start dropping in late Q2 or early Q3.
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The current economic environment indicates rates will likely remain high and stable rather than experience major drops. Any decreases will probably be small.
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Watch for when lenders stop requiring discount points, as that's a sign rates are starting to trend down.
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Strategic buyers may want to purchase homes now rather than wait and see if rates fall next year, as home values are still rising.
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Shop around and get pre-qualified with multiple lenders to find the best mortgage rate for your situation. Even small rate differences can mean big savings.