Housing Market Hope: Why 2024 Could Be Your Year to Buy

Mortgage rates are experiencing a slight decline, with 14 states offering 30-year rates at 7.5% for buyers with credit scores between 700 to 719.

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This marks an increase from just one state offering rates at this level the previous week.

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Th states include GA, IL, IN, KS, MD, MI, NJ, NY, NC, ND, OH, SC, TN, and WV.

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The average mortgage rate is down from a high of 7.61% in November but still near the highest since 2000.

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Mortgage applications fell 0.3% the week of November 24th, indicating buyer caution.

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New home sales in October were 5.6% below September but 17.7% above October 2022.

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AK, AZ, CO, HI, ID, ME, MN, NM, OR, RI, TX, WA, and WI have the highest rates (7.63% or 7.75%).

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Economist Ellen Zentner from Morgan Stanley predicts housing market affordability to improve in 2024 due to increased inventory from stronger homebuilding activity.

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Economist Ellen Zentner from Morgan Stanley predicts housing market affordability to improve in 2024 due to increased inventory from stronger homebuilding activity.

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Zentner anticipates a modest decline in home prices as inventory growth balances the rising demand.

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Morgan Stanley forecasts potential rate cuts by mid-2024, aiming to address inflation and potentially create a more balanced and accessible housing market.

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