Mortgage lenders anticipate rates will fall in 2024 and the price of homes will remain high.
Mortgage rates will experience a significant drop by the end of 2024 but the dip will accompany a shortage of available homes, driving up sales prices for the next three years, the Mortgage Bankers Association said.The rates, which have hit two-decade highs, will fall substantially by the end of next year, lessened by a sluggish economy as moderating inflation and borrowing costs decline, the MBA said during the weekend.
'Lower rates should help boost both homebuyer demand and increase the inventory of existing homes, thereby supporting purchase origination volume in 2024,' he said.Lenders say first-time buyers will drive the demand for homes over the next year as a new generation of Americans hit homeowning age even as they will have to grapple low inventory, high prices and limited credit.
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