Newsweek Will Mortgage Rates Drop In 2024

Newsweek Will Mortgage Rates Drop In 2024. Mortgage rates will have their biggest decrease in the first quarter of 2024, with the remaining quarters floating around the same average rate. Housing experts say mortgage rates are likely to hover in the 7 percent range in may, amid elevated inflation that is keeping the federal reserve from reducing borrowing costs.

Has reached a peak in interest rates and the cost of borrowing for a home could fall next year and encourage more sales of houses currently stifled by. Mortgage rates climbed for most of 2023, at one point reaching nearly 8% — a level not seen in two decades.