Americans Expect Mortgage Rates to Fall for First Time in History

Despite the optimism, high home prices and negative buying sentiment persist, with 83% of consumers considering it a bad time to buy a house.

More Americans now expect mortgage rates to fall than rise in the coming year, according to Fannie Mae's National Housing Survey. This is the first time this has happened in the survey's history.
The 30-year mortgage rate has dropped from nearly 8% in early November to 6.62% in the past week.
Despite the optimism, 83% of consumers still consider it a bad time to buy a house.
Home prices are expected to rise in 2024, potentially offsetting the benefits of lower mortgage rates for buyers.
The Federal Reserve is expected to start cutting rates in 2024, which should lead to further decreases in mortgage rates.