When could mortgage rates fall in 2024?

If you’ve thought at all about buying a new home recently, you probably know that mortgage rates are on the high side right now. As of November 20, 2023, the average rate for a 30-year fixed-rate mortgage is 7.74%, while the average for a 15-year fixed-rate mortgage is 7.01%. This, especially when combined with high home prices, is enough to make many potential homebuyers shy away and either stay in their current homes or stick with the rental market for a bit longer. 

That said, some people think there could be relief coming next year – but maybe not until the weather starts to warm up…