Economists are forecasting a decrease in mortgage rates. Is it the right time for you to make a home purchase?

Mortgage rates skyrocketed since the onset of the COVID-19 pandemic in March 2020, leading to higher home prices and interest rates due to increased demand and limited supply. Many buyers have been pushed out of the market while sellers are reluctant to sell due to fear of losing favorable interest rates. Economists predict that mortgage rates will fall in 2024, making late 2024 a potentially better time to buy a home. Current average mortgage rates in the US are around 7% to 7.6%, with expectations for rates to decrease further in the final quarter of 2024. Lower mortgage rates are expected to allow more prospective home buyers to reenter the market.

– Mortgage rates have increased since the pandemic, resulting in higher home prices and interest rates
– Buyers have been pushed out of the market and sellers are hesitant to sell due to fear of losing favorable rates
– Economists predict that mortgage rates will fall in 2024, making late 2024 a better time to purchase a home
– Current average mortgage rates in the US are around 7% to 7.6%, with expectations for rates to decrease further in the final quarter of 2024
– Lower mortgage rates will allow more prospective home buyers to reenter the market



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