Economists Predict Mortgage Rates Will Fall to 2024

After reaching 7% in October 2023, mortgage rates have risen again, with some sources reporting rates above 7%. Economists predict rates will fall below 6% by the end of 2024, despite recent increases driven by strong economic data and market uncertainty about potential Fed rate cuts. Factors such as government bond issuance and a potential shutdown may also contribute to rising rates. However, experts advise home buyers to shop around for lower rates and expect the average rate to be closer to 6% by the end of the year.