Mortgage Affordability Hits Lowest Point of the Year with Possibility of Improvement in 2024

Published: 29 April 2024 at 11:02

30-year mortgage rates are currently above 7% with expectations of rates trending down later in the year. Fannie Mae predicts rates to drop to 6.4% by the end of 2024 and 6% by the end of 2025, potentially allowing more homebuyers to enter the market. Inflation slowdown may lead to a decrease in rates, although recent data shows some stickiness. The Consumer Price Index rose by 3.5% in the last 12 months, indicating a need for further slowing for substantial rate drops.

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