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Mortgage Rates Expected to Come Down by 2% in 2024

  • Home loan interest rates are predicted to fall to 5% in 2024.

  • As inflation continues to decline, interest rates will steadily come back down.

The Federal Open Market Committee (FOMC) voted to maintain the benchmark federal funds rate at its current level on November 1 following a steady decrease in inflation in 2023. The federal funds rate, which serves as the overnight borrowing rate for commercial banks and credit unions, indirectly affects the mortgage rates for American families.

first time homeowner low interest rates

This marks the second consecutive meeting where the Fed has chosen not to raise rates.

For homeowners looking to refinance their properties or prospective first-time home buyers, this is great news!

Industry experts are now forecasting that home loan interest rates will likely revert to around 5% by 2024, which would lead to more affordable borrowing costs. For a family with a $412,000 home (naitonal median) on a 30 year fixed mortgage, this would equate to about $400 per month savings compared to current mortgage rates.


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