"2024 Mortgage Rates: Trends, Affordability, and Timing"

Mortgage rates for 30-year and 15-year mortgages dropped slightly, but homes remain unaffordable in most areas. Home prices are decreasing in some metro areas, leading to increased buyer migration to more affordable cities. Experts predict it will take about three and a half years for the real estate market to become affordable again, contingent on continued interest rate decreases. Credible can help potential homebuyers compare mortgage lenders and rates to find the best option.