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If you’re one of the many people who can’t afford to buy a house these days, forecasters have some welcome news: It’s probably going to get better in 2024, although only by a bit.
Even if mortgage rates ease moderately next year, as some forecasters predict, the average rate on a 30-year home loan could remain above 6%. Lower rates may help bring buyers off the sidelines, but the projected declines are unlikely to encourage homeowners who locked in rock-bottom rates two years ago to sell. That sets the stage for the housing market to remain constrained by a low supply of homes, economists say.
That sets the stage for the housing market to remain constrained by a low supply of homes on the market, even if rates decline, economists say.
Even if mortgage rates ease moderately next year, as some forecasters predict, the average rate on a 30-year home loan could remain above 6%. Lower rates may help bring buyers
Several housing economists are projecting that mortgage rates will ease moderately next year, though the forecasts call for the average rate on a 30-year home loan to remain above 6%.