2024 Real Estate Predictions | Real Estate Interest Rates

Mortgages Rates & Loan Products:  Rates will continue to moderate downward, likely to stabilize somewhere between 6 and 6.5%.  This will of course support increased demand. 

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  • We do not expect the typical, 30-year fixed rates to go below 6% any time soon, but if you use more creative financing, you can get that rate lower than 6!.
  • You’ll also see a wider variety of mortgages and should understand adjustable rate mortgages, how to use points to buy down the interest rate, seller’s financing, and builder financing.  FHA, VA, First-time buyer loans and programs will return to the market.  

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  • Those methods are all ways you can achieve a 5 to 5 point-something percent interest rate. 
  • Take for example what Toll Brothers Builders are doing currently, with their New Year Home Sales event:  A 2/1 Buydown with the first year at 4.99%
  • Lennar Homes is also advertising ‘rates in the 4’s for primary residences’
  • According to HousingWire, once interest rates fell from 8.1% down to 7.32%, there was an immediate increase in mortgage purchase applications.  Imagine what will happen when we get down under 7% again.  As of today, we are at 7.077% for the average mortgage rate.  A 15-year conforming is 6.2% (Housing wire)

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  • Fannie and Freddie are helping as well.  The conforming loan limit for mortgages backed by them in 2024 will be $766,550, which is a 5.5% increase over the old amount of $726.200.  This has already been announced by the Federal Housing Finance Agency (FHFA).  This was raised based on FHFA’s assessment that home prices rose by 5.56% this year.
  • Amazingly, $766,550 isn’t high enough in some areas! There are already provisions for that.  There are markets where 115% of the local median home value is higher than $766,550.  Think about coastal markets where the entry level is around a million dollars.

— The HERA (Housing & Economic Recovery Act) has a ceiling of 150% of the baseline conforming limit, which equals $1,149,825 for one-unit properties.  

Additionally, free refinance offers are already available with many lenders and through builder’s financing.

  • Mortgage applications are UP 4% week over week, for the 4th straight week, and that’s during the slowest time of year!
  • In conclusion, it’s currently ALL GOOD NEWS regarding mortgage products and better interest rates.


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