Foreclosures Sparking Mortgage Rate Declines

Mortgage Rates Hit Record Low, Expected to Rise in 2024

Foreclosures Sparking Mortgage Rate Declines

Mortgage rates took a substantial plunge last week, reaching an unprecedented all-time low on Thursday. This significant dip was primarily driven by the spike in foreclosures, pushing 30-year mortgage rates to a record-breaking low. Despite this current decline, experts predict a rise in rates by the end of 2024.

Expert Predictions and Current Rates

Current estimates from mortgage experts indicate that rates will likely end 2024 within the range of 6 to 8 percent for 30-year fixed loans. This represents a moderate increase from the current low rates. However, there is a consensus among experts that mortgage rates will not experience any further substantial declines in the near future, including August.