2024 Housing Market Predictions: Rising Home Sales, Falling Mortgage Rates
TL;DR Summary
Fannie Mae predicts that mortgage rates will continue to drop in the coming years, reaching 6.9% for the 30-year mortgage by 2025. This gradual decline in rates is expected to lead to a modest rebound in home sales, with volumes projected to increase from 4.8 million in 2023 to 5.3 million in 2025. Fannie Mae also forecasts a mild recession in 2023, with a decline in GDP, while housing supply is expected to remain limited. The decline in mortgage rates has already resulted in lower monthly payments for homebuyers, offsetting the increase in home prices.
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