The 30-year mortgage rate will fall below 7% by April 2024, Realtor.com says in its housing forecast for next year. The average mortgage rate in 2024 is expected to be 6.8%, and the 30-year may fall to as low as 6.5% by the end of the year, according to Realtor.com’s report.
“We’re gonna to start to see some relief for buyers who have been priced out,” Danielle Hale, chief economist at Realtor.com, told MarketWatch. “It’s still expensive to buy a house, but instead of getting more expensive, we’ve turned the corner,” she added. “We’re starting to see housing get less expensive.”Realtor.com sees mortgage rates falling to 6.5% by the end of 2024 A weakening U.S. economy will be the key driver pushing down mortgage rates in 2024, Hale said. “We expect unemployment to begin to gradually tick up — but we don’t expect to see a huge surge — and the labor market to begin to soften,” she said. But “more importantly,” Hale added, “we expect inflation to improve.” The economy has begun showing indications of cooling off. In October, inflation was flat, thanks to cheaper gasoline prices. The job market is also showing some signs of weakness, and the unemployment rate edged up that month to a 21-month high of 3.9%. Mortgage rates have already begun to fall, Hale noted. They are no longer hovering at the 8% range, thanks to weaker economic data. The 30-year mortgage was averaging 7.29% as of N …
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“We’re gonna to start to see some relief for buyers who have been priced out,” Danielle Hale, chief economist at Realtor.com, told MarketWatch. “It’s still expensive to buy a house, but instead of getting more expensive, we’ve turned the corner,” she added. “We’re starting to see housing get less expensive.”Realtor.com sees mortgage rates falling to 6.5% by the end of 2024 A weakening U.S. economy will be the key driver pushing down mortgage rates in 2024, Hale said. “We expect unemployment to begin to gradually tick up — but we don’t expect to see a huge surge — and the labor market to begin to soften,” she said. But “more importantly,” Hale added, “we expect inflation to improve.” The economy has begun showing indications of cooling off. In October, inflation was flat, thanks to cheaper gasoline prices. The job market is also showing some signs of weakness, and the unemployment rate edged up that month to a 21-month high of 3.9%. Mortgage rates have already begun to fall, Hale noted. They are no longer hovering at the 8% range, thanks to weaker economic data. The 30-year mortgage was averaging 7.29% as of N …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]