Will Mortgage Rates Go Down in 2024

As of Tuesday, January 23, 2024, current interest rates in California are 7.09% for a 30-year fixed mortgage and 6.48% for a 15-year fixed mortgage.

Now that inflation is easing, mortgage rates are expected to decline throughout 2024. But the wheels of progress turn slowly: Realtor.com experts are forecasting that rates will be 6.8% on average for 2024 and 6.5% by the year's end. I personally believe the rates will be around 5.5%, mainly because of the election year.

Home prices are predicted to rise 6.2% to a record median price of $680,300 this year. Housing affordability will remain flat. Out of all of it, and despite an outmigration of Californians to low-tax states, the state remains viable, and people want to buy homes here. So, don’t wait for a perfect time. Invest now if you find a good deal.