Will Mortgage Rates go Down in 2024?

Will Mortgage Rates go Down in 2024?

Decoding the Crystal Ball: Will Mortgage Rates Go Down in 2024?

As the gears of the economy continue to turn, prospective homebuyers and current homeowners find themselves at the crossroads, pondering a pivotal question: “Will mortgage rates go down in 2024?”

In this guide, we unravel the insights and predictions surrounding mortgage rates, delving into possible scenarios and expert opinions to empower you in your homeownership journey.

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Will Mortgage Rates go Down in 2024?

The Current Landscape: Economy, Inflation, and Interest Rates

The US economy stands at a juncture where robust growth coexists with persistent inflation, leaving the Federal Reserve in a strategic position.

The intricate dance between these factors influences the trajectory of mortgage rates, creating an environment of anticipation.

Before we gaze into the future, let’s glance at recent trends.

As of February 2024, 30-year mortgage rates have gracefully descended from the peaks of October 2023.

This descent, reflected in the average rate of 6.63%, sets the stage for the exploration of what lies ahead.

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Will Mortgage Rates go Down in 2024?

Three Possible Scenarios: Navigating the Predictions

Will mortgage rates drop below 6% in 2024?

The experts weigh in with three distinct scenarios. Melissa Cohn, a regional VP at William Raveis Mortgage, envisions a gradual decline, touching 6% in the summer and potentially dropping below it later in the year.

On the more optimistic side, Dan Green, CEO at Homebuyer.com, foresees rates plummeting to 4.25%, driven by factors like resolved inflation and a healthy bond market.

The Balancing Act: Economy’s Strength vs. Rate Movements

While some anticipate a significant drop, others, like Shannon Feick of ASAP Properties, LLC, express confidence in the relatively strong economy preventing rates from falling below 6%.

The delicate balance between economic health, inflation, and unexpected events like geopolitical conflicts adds nuance to the rate prediction landscape.

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Stagnation or Stability: Rates Remaining Mid-6%

A contrasting scenario envisions rates staying relatively stagnant, persisting in the mid-6% range.

Sam Sharp, executive VP of mortgage lending at Guaranteed Rate, sees this as a potential equilibrium, highlighting the mid-6% as a comfortable zone for both buyers and sellers.

The Bottom Line: Navigating the Decision-Making Matrix

In the realm of mortgage rates, certainties are scarce, and the future remains a canvas awaiting strokes of economic and policy decisions. The bottom line for prospective homebuyers is a delicate dance between opportunity and uncertainty.

Will Mortgage Rates go Down in 2024?

Timing and Decision-Making: Weighing the Pros and Cons

While the crystal ball for mortgage rates in 2024 is hazy, two main considerations emerge. Firstly, the timing dilemma: How long should one wait for potential rate drops, considering the unpredictability of market movements?

Secondly, the impact on competition: Decreased rates might trigger heightened competition among homebuyers, complicating the home-buying process.

The Advantage of Now: Seizing the Moment

The unpredictability of rate drops and the potential for increased competition suggest that waiting indefinitely might not be the optimal strategy.

While subject to change, current mortgage rates offer an opportunity for those ready to embark on the homeownership journey.

The Waiting Game: Potential Increase in Inventory

On the flip side, waiting might witness a surge in sellers entering the market, potentially increasing inventory. Sellers hesitant in the face of high mortgage rates might be more willing to make a move if rates drop or stabilize.

The Decision Matrix: A Personalized Approach

Ultimately, the decision hinges on a personalized matrix encompassing financial considerations, local market conditions, and individual circumstances. While hoping for favorable rate movements, it’s essential to weigh the tangible advantages of the present against the uncertainties of the future.


In conclusion, whether mortgage rates will go down in 2024 weaves a narrative of anticipation and complexity.

As you navigate this landscape, armed with insights and expert perspectives, remember that your decision is as unique as your homeownership journey. The journey continues, and with each turn, the story of mortgage rates unfolds. Happy navigating!