From Time:

Last year ended with hope for homebuyers as mortgage rates dropped by more than 1% by December 2023. Economists expect a positive shift in 2024 as interest rates continue to decline, leading to increased affordability for homebuyers and a promising increase in new home listings. The future looks bright for buyers and sellers in the housing market.

Despite a pattern of fluctuating rates in recent years, experts are optimistic about continued improvements as 2024 unfolds. Loan rates have dropped significantly in the last two months and is lowering monthly payments for homebuyers. The coming year is being viewed as a “turning-point” year, and changes are expected to be gradual, but homebuyers and sellers alike are already feeling positive effects.

Pandemic-era low mortgage rates have been matched by falling interest rates in recent months. As the economy continues to slowly settle and the Federal Reserve continues to hold off on further rate hikes, the slope of improvement will be gradual. Sellers who bought at slightly higher rates are now making moves to capitalize on the current rate environment and further stabilize the housing market.

The market has been inventory-deprived for years, but recent small increases in new home listings are adding to the optimism about the future. As the economy continues to show signs of stability and interest rates remain low, many aspiring homebuyers and sellers are likely to find 2024 to be a promising year in the real estate market.



Read more: Mortgage Rates Prediction: 2024 to Be a ‘Turning Point’