Mortgage Rates Set to Fall, But Only Slightly
WEB NAR Expects 30-Year Fixed Rate to Average 6.9%
Experts Predict Gradual Decline Over Next Couple Years
If you're thinking about buying a home, you may be wondering what the future holds for mortgage rates. The good news is that experts predict they will gradually decline over the next couple of years. However, they won't fall by much.
The latest quarterly forecast from the National Association of Realtors (NAR) predicts that the 30-year fixed mortgage rate will average 6.9% in 2024. That's down from the current rate of 7.08%, but it's still higher than the 3.94% rate we saw in 2021.
NAR's chief economist, Lawrence Yun, says that the decline in interest rates is due to a number of factors, including the Federal Reserve's decision to slow down its pace of interest rate hikes. However, he also warns that the housing market is still facing headwinds, including high home prices and a lack of inventory.
If you're planning to buy a home in the next few years, it's important to keep an eye on interest rates. While they're expected to decline slightly, they're still not going to fall back to the record lows we saw a few years ago. So, if you're able to lock in a rate that you're comfortable with, it's a good idea to do so.
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