2024 Mortgage Forecast : When Will Rates Go Down?

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Economists had expected at the beginning of 2023 that mortgage rates would progressively drop during the year, but that prediction had not materialized. According to Freddie Mac, rates actually increased and peaked in late October at 7.79%. Since then, mortgage rates have declined, going against forecasts and dropping a whole percentage point to approximately 6.6% by year’s end. Given the drastically inaccurate mortgage rate projections from the previous year, it would be prudent to treat the 2024 projections with caution.

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