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What to expect in 2024 if you want to buy a home

According to experts, there are positive signs indicating improvement for the housing market in 2024,         following a year of record-high interest rates and home prices.In December, average mortgage rates dropped below 7%, marking the first time since August that they fell to this level.This drop came after reaching a peak of 8% in October, which resulted in housing costs reaching their highest level since 2000.

Mortgage buyer Freddie Mac reported that the average rate on a 30-year fixed rate mortgage decreased from 7.03% to 6.95% last week. In comparison, a year ago, the rate averaged 6.31%.Additionally, the 15-year fixed rate mortgage saw a slight increase from 6.29% to 6.38%.These developments suggest a potential easing of mortgage rates, which can make homeownership more affordable for buyers.

If this trend continues, prospective homebuyers can expect slightly lower interest rates in 2024.However, it’s important to note that future predictions are subject to market fluctuations and changes in economic conditions.Overall, these findings bring some optimism for individuals planning to buy homes in 2024,                     as it indicates a favorable direction for the housing market.

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