Yahoo Finance

Mortgage rates barely changed this week, but experts still expect further declines in 2024. The average rates for 30-year loans inched up to 6.62% from 6.61% a week ago, according to tracking by Freddie Mac on Thursday. Aside from this week's minuscule rise, rates have been declining for weeks since late October, falling nearly 117 basis points from a 12-month high of 7.79% at the end of October. Those recent declines have boosted homebuyers' ability to purchase homes, but further affordability improvement could be curbed by a continual supply shortage, especially if lower rates bring back sidelined demand. "While mortgage interest rates are expected to overall decline in 2024, minor fluctuations in weekly mortgage interest rates are to be expected," Jessica Lautz, National Association of Realtors®’ deputy chief economist, wrote to Yahoo Finance. "The biggest demand is likely to come from those who had been priced out of the homebuying market. For spring, there will likely be competition among the steady share of all-cash homebuyers and first-time buyers trying to edge in," Lautz added.

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