Mortgage Rates Decline, Offering a Glimmer of Hope for Homebuyers

Despite a recent drop, experts caution that mortgage rates remain high and are expected to stay elevated throughout 2024.

Mortgage rates have decreased over the past week, with the 30-year fixed rate now at 6.60% and the 15-year fixed rate at 5.76%.
The Federal Reserve's aggressive interest rate hikes to combat inflation have contributed to the high mortgage rates, impacting affordability for first-time homebuyers.
Economists predict a slow decline in mortgage rates this year, but they are likely to remain above 6% for the remainder of 2024.
The housing market faces challenges from a shortage of properties and high prices, exacerbated by homeowners unwilling to sell and lose low rates.
Despite the current high rates, shopping around for mortgage rates and improving financial profiles can help homebuyers secure better deals.