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Housing Market Outlook | 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 ...

  beach road realty, richard eimers, eimers group, real estate trends, mortgage rates, housing market outlook, federal reserve decisions, economic forecast, home buying tips, property market analysis, market shift updates, real estate news, financial outlook, homeownership insights, interest rate trends

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

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