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What Will the Housing Interest Rates Be Like in 2024?

With the new year just around the corner, many are wondering “What will mortgage interest
rates look like in 2024?”… Do you want the good news or the bad news first? Let’s start with
some good news: the wait for lower rates may soon be over… BUT here’s the not so good
news…rates won’t go back to the historic lows we saw in 2020 and 2021. And to be honest,
many experts don't ever think we will see that again in our lifetime.

Take a look at this fascinating forecast I recently saw which was put together by some of the leading market
experts. For perspective, keep in mind rates did hit a 23 year high this past fall, hovering around
8% on average for a 30-year mortgage. I personally was even seeing contracts being written
with interest rates as high as 9%. So, as you will see this is fantastic news that rates are
expected to steadily trend downward every quarter of 2024 with rates finally dropping back into
the 6’s towards the end of 2024.