Americans Anticipate Lower Mortgage Rates in 2024

As Federal Reserve hints at potential rate cuts, housing experts predict an increase in housing inventory.

According to a Fannie Mae survey, 31% of consumers expect mortgage rates to fall in 2024, with homeowners and higher-income groups expressing greater optimism.
The rate on a conventional 30-year fixed-rate mortgage is currently 6.62%, down from nearly 8% in November.
Federal Reserve officials indicated in December they could cut their benchmark rate three times this year, which could lead to lower mortgage costs.
Only 17% of consumers think it's a good time to buy a house, with the median price of a home in the U.S. topping $408,000 as of November.
Housing experts project that if mortgage rates drop, it could encourage more homeowners to sell, potentially increasing the housing inventory.