Will mortgage rates drop in 2024?

Mortgage interest rates typically follow the 30-year treasury, which is also affected by the Fed interest rate. Right now, most people predict that it will be late 2024 before we might see a drop. I would never count on that though. If you are looking to buy a new home, you should go ahead and purchase it even if mortgage rates are still above 7%. If you can afford it, you probably should go ahead and do it. We see a lot of positive economic indicators right now, more so than negative economic indicators. This means the Fed has paused increasing interest rates, but they could raise them even a small token of a quarter of a percent again before lowering them.
I think the big key right now is jobs. Jobs are plentiful, and people are getting paid more money than they did a year ago. Therefore, we still see spending at very high levels. If that were to change, then the Fed probably would have to lower interest rates in order to keep the economy growing.
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Casey Smith
President, Wiser Wealth Management

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