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.
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