Predicted 2024 Interest Rates for Homebuyers

It seems that there are a lot of buyers out there that are eager to purchase a property, but have put that dream on hold due to the high interest rates that 2023 has provided to homebuyers. 

Let’s take a look at what interest rates have done over 2023 for the housing market.

For a 30 year Mortgage Rate: 2023

Beginning of 2023	Dec 29th, 2022	7.17%
Lowest	Feb 2nd, 2023	6.11%
Highest	Oct 17th, 2023	8.45%
End of 2023	Dec 22nd, 2023	7.07%

As you can see, the lowest interest rate was in February at 6.11% and the highest was in October where it reached 8.45%. The spread was 2.34%.

The good news is, the interest rate was lower at the end of 2023 than at the end of 2022, and is predicted to continue to trend downward in 2024. 

Though no-one can ever know for sure, interest rates for homebuyers are predicted to be in the low 4% by this summer of 2024.

As buyers, you can look at this in 2 different ways:

• Buy now at a higher interest rate, while demand is down, compete with less buyers, and refinance later.

Or

• Wait for a lower more comfortable interest rate, buy when demand is high, and compete with more buyers in the market.

Either way, there looks to be good things to come in 2024 for the housing market.

If you are planning to buy or sell, please reach out to me to get you prepared for when the time is right for you!

--- Kayla Hazard