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Homeownership Insights | Beach Road Realty Inc Blog

Monday, January 15, 2024   /   by Richard Eimers

ANTICIPATED MORTGAGE RATE DECLINE IN 2024: A POSITIVE OUTLOOK

In a promising development for 2024, the burden of high mortgage rates impacting the real estate market may be on the verge of easing.

During its December meeting, the Federal Reserve hinted at a positive shift, signaling an expected cut in its overnight rate in 2024. Analysts are optimistic, predicting a synchronized decline in mortgage rates [^5^].

Freddie Mac’s Chief Economist, Sam Khater, foresees a gradual improvement in the housing market in the coming year. With inflation decelerating and expectations of the Federal Reserve lowering the federal funds target rate, a thawing of the housing market is likely [^9^].

Already, the average 30-year fixed mortgage rate has seen a decrease from its October peak of around 8%. Forecasts from Fannie Mae, the Mortgage Bankers Association, and Realtor.com align, projecting a trend towards lower rates in 2024, potentially ending the year closer to 6% [^7^].

However, it’s not an unmitigated positive; the era of 3% mortgages ...

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Saturday, December 16, 2023   /   by Richard Eimers

Average Long-Term U.S. Mortgage Rate Dips Below 7%

By Alex Veiga
The mortgage rate now stands at its lowest level since early August, signaling good news for prospective homebuyers.

LOS ANGELES (AP) — The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
The average rate on a 30-year mortgage dropped to 6.95% from 7.03% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.31%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, edged up this week, lifting the average rate to 6.38% from 6.29% last week. A year ago, it averaged 5.54%, Freddie Mac said.
The latest drop in rates is the seventh in as many weeks. Mortgage rates have been easing since late October, when they reached 7.79%, the highest level since late 2000.
The pullback ha ...

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Beach Road Realty Inc
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
850-259-1798

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