"2024 Mortgage Rate Forecast: Dip Below 6% with Low Affordability"

Mortgage rates for 30-year mortgages are expected to drop below 6% by the end of 2024, according to a Fannie Mae forecast, but housing affordability remains low, with just 15.5% of listings considered affordable for an average U.S. household in 2023. New construction homes are becoming increasingly popular, especially among millennials, and are expected to continue thriving in 2024. Despite the affordability challenges, home sales are projected to rise, with potential for 4.5 million units sold in the last quarter of 2024.