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Mortgage Rate Watchers Stuck in Waiting Game
Patiently Waiting for the Right Time to Purchase
Mortgage Rates Expected to Fall in 2024
Mortgage rate watchers are eagerly awaiting news of a decrease in interest rates as the economy continues to grapple with inflation. While rates have recently declined due to cooling inflation, experts predict that they will remain relatively high for the time being.
According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage is currently 6.9%. This is significantly higher than the record low of 2.65% set in January 2021. The increase in rates has made it more expensive for buyers to purchase homes.
However, there is some hope on the horizon. Experts predict that mortgage rates will start to decline in 2024 as the Federal Reserve eases its aggressive rate-hiking campaign. This is good news for buyers who are waiting for the right time to purchase a home.
- Mortgage rates are currently high, making it more expensive to buy a home.
- Experts predict that mortgage rates will start to decline in 2024 as the Federal Reserve eases its aggressive rate-hiking campaign.
- Buyers who are waiting for the right time to purchase a home should start saving for a down payment and getting pre-approved for a mortgage.