Many home buyers no doubt are relieved to see this year’s inhospitable real estate market in their rear view mirrors. Mortgage rates nearly hit 8% as prices remained firm, making purchases the most expensive in decades. A limited selection of existing homes on the market added to the pain. The good news: the outlook for 2024 is brighter. Industry forecasters say rates for the average 30-year mortgage will continue to slide.
That will entice more homeowners to list their properties after clinging to their ultralow rates, and bring out more buyers. Forecasters largely see flat-to-positive home price growth—with some areas of the country more likely to see gains than others. Here are three housing market predictions for 2024: Mortgage rates will fall—but remain above 6% Mortgage rates are finished hitting multidecade highs but the road lower could be bumpy. Mortgage rates measured weekly by Freddie Mac climbed as high as 7.79% in October, then began cooling. The average 30-year fixed rate was 6.67% for the week ended Thursda