Mortgage rates are the highest they've been in decades but will 2024 bring some relief?
In less than two years, mortgage rates have more than doubled. At the end of 2021, the average 30-year fixed-rate mortgage had a 3.11% interest rate, according to Freddie Mac. Now, at the beginning of November 2023, the average has climbed to 7.94%. The picture isn't necessarily any brighter for other mortgage types either. For an adjustable rate mortgage , the average 5/1 ARM has an annual percentage rate of 8.16%, while a 10/1 ARM comes in at 8.23%, according to Bankrate.
'If you want to look smart and predict when mortgage rates will fall, keep an eye on discount points. Discount points will be a leading indicator for next year's rates. When lenders start charging fewer points to buyers, that's your signal that rates are about to drop,' he says.He also thinks rates for different common loan types will generally move cohesively.'Mortgage rates are generally close for the four major loan types - conventional, FHA, USDA, and VA.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Should you refinance your mortgage in 2024?If interest rates fall, that could create opportunities for some homeowners who have high mortgage rates.
Read more »
BoE’s Pill: By middle of 2024 we may be able to reconsider rates stanceBank of England (BoE) Chief Economist Huw Pill said on Monday that by the middle of next year, they may be able to reconsider its stance on interest rates.
Read more »
Outback Steakhouse Makes Important Announcement About 2024 Price IncreasesYour ultimate source for expert nutrition tips and health advice, covering wellness, healthy recipes, cooking hacks, food news, style trends and shopping.
Read more »
Biden's Israel policy could cost him the 2024 electionWaleed Shahid has served as a spokesperson for Justice Democrats and as a senior strategist for Rep. Alexandria Ocasio-Cortez and Rep.-elect Jamaal Bowman.
Read more »
Team Trump eyes ambitious plan focused on post-2024 revengeSteve Benen is a producer for 'The Rachel Maddow Show,' the editor of MaddowBlog and an MSNBC political contributor. He's also the bestselling author of 'The Impostors: How Republicans Quit Governing and Seized American Politics.'
Read more »
Juanes llega Los Ángeles con su ‘Vida Cotidiana Tour’ en febrero de 2024El ídolo colombiano tambien llevará su gira a San Bernardino, Las Vegas, San Diego, Phoenix, Nueva York y Miami, entre otras plazas; pero antes estará actuando en los Latin Grammy, en Sevilla
Read more »