Will 2024 Be a Good Time for a Mortgage in USA?

Interest rates may fall by about 0.5 percentage points in 2024, according to the Federal Reserve’s most recent projections made in September.

This means that if you could get a 30-year fixed mortgage rate of 7.3% in 2023, you might be able to get a mortgage rate of 6.8% in 2024.

For every $100,000 borrowed, this 0.5 percentage point interest rate decrease would reduce your monthly mortgage payment by $34. On a $350,000 mortgage, for example, your monthly payment will be $119 lower.