Mortgage rates are falling. Here’s how low they’ll get in 2024

CHARLOTTE, N.C. — Interest rates and high demand have caused unprecedented competition in the real estate market over the last few years, but if you’re looking to buy, experts say 2024 may finally be your year. 

Let’s connect the dots. 

Real estate experts with Redfin are predicting some positive home trends for 2024. They say by spring or summer of next year, home prices are expected to fall 1%. That would be the first time prices have gone down since 2012. 

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Experts also predict an influx of new listings. Redfin says that will create more supply than demand, which is great news for potential buyers. 

But the good news doesn’t stop there. 

Mortgage rates are also expected to decline. Redfin estimates the average 30-year mortgage will be 7% to start the year. They predict it will continue to drop, falling to 6.6% by the end of 2024. 

So if you’ve been saving up, next year may finally be the right time to buy your dream home. 

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