Mortgage Rates Have Improved

Great news, mortgage rates have improved! After rising close to 8.00% in October 2023, rates have dropped over the last several weeks. The average 30-year fixed mortgage rate dropped to 6.95% for the week ending December 14, according to Freddie Mac. It’s the first time that rate has dropped below 7% since August.

So, what does all this mean for mortgage rates in 2024?

“Mortgage rates will continue to ease in 2024 as inflation improves and Fed rate cuts get closer,” said Danielle Hale, chief economist at Realtor.com, in an emailed statement. “Mortgage rates could near 6.5% by the end of the year, a key factor in starting to provide affordability relief to homebuyers.”

Looks like bigger, brighter days are ahead for the housing industry.