The Most Important Question For the Housing Market in 2024
✉️ Want to forward this article? Click here.
While the trajectory of home prices and whether more homes comes on the market are big questions for the housing market in 2024, the most critical question is: what will mortgage rates do next year?
With this question in mind, UrbanTurf gathered a number of different predictions from around the internet as to what will happen with rates next year.
Mortgage Bankers Association
In August, the Mortgage Bankers Association put out its forecast for where it sees rates heading in the next two years. The MBA expects rates to average:
- 6.2% in Q4 2023
- 5.0% Q4 2024
- 4.6% in Q4 2025
National Association of Realtors
"The Fed indicated that they will hold the Fed Funds Rate steady for now and cut rates three times in 2024. This is all welcome news for potential home buyers and sellers, as mortgage interest rates will decrease. NAR forecasts that mortgage interest rates will average 6.3% in 2024."
Redfin
The brokerage Redfin thinks that rates will linger around 7% in the first quarter, then decline throughout the year, ending 2024 at about 6.6%.
Bright MLS
Bright predicts that mortgage rates will fall below 7% in the first quarter of next year and range between 6-6.5% before reaching 6.2% at year-end.
Wells Fargo
The Economics Group of Wells Fargo Bank puts the 30-year mortgage rate at 7.2% in the first quarter of 2024, declining to 6.05% by the end of the year. Wells Fargo economists predict that rates will dip below 6% at the beginning of 2025.
See other articles related to: year in review 2023
This article originally published at https://dc.urbanturf.com/articles/blog/the_most_important_question_for_the_housing_market_in_2024/21800.
Most Popular... This Week • Last 30 Days • Ever
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
This week’s Best New Listings includes a townhouse on a secluded alley block and a ... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- Best New Listings: One Of 10 On U Street; Moved By Horses To Tenleytown
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro