Mortgage Rate Predictions 2024

Navigating mortgage rates can feel like a whirlwind, but let's tackle the top questions head-on.

**#1 What are current mortgage rates?** Currently, the average sits at 7.1% for a 30-year fixed-rate loan and 6.39% for a 15-year fixed-rate, as per Freddie Mac's latest survey. However, individual rates vary based on factors like credit score, down payment, and lender. **#2 Will mortgage rates go down in 2024?** According to themortgagereport.com's findings when they asked 6 industry experts, 5 of the 6 predict mortgage rates to moderate, while 1 of the 6 predict rates to increase further. **#3 What is the lowest mortgage rate right now?** While Freddie Mac reports average rates around 7%, finding rates in the 5-6% range is advantageous. Rates vary widely based on borrower profile, with excellent credit and substantial down payments yielding lower rates. **#4 Will there be a housing crash?** Industry experts remain optimistic, citing safer lending practices and sustained demand.

While home prices may be inflated, many of the risk factors that led to the previous market crashes are not present in today’s market. Low inventory and massive buyer demand should keep the market propped up this year. Looking ahead to May 2024, consider these mortgage rate strategies: **Be decisive:** In a seller-favored market, hesitation can lead to missed opportunities or higher costs. Secure pre-approval to signal commitment and act swiftly. **Shop around wisely:** Rates fluctuate daily and vary among lenders. Gathering quotes from multiple sources ensures you find the best fit for your financial situation.**Understanding rate shopping:** True rates depend on personal financial details, not just advertised figures.

Complete a loan application to receive accurate offers tailored to your circumstances. Thank you for tuning in. I'm Amber Johnson from Pillar Real Estate. Stay informed, and let's navigate the mortgage landscape together.