Mortgage Rates 2024 Forecast. The short answer to the question “are mortgage rates dropping?” is yes. Lower mortgage rates in 2024 — nar is predicting the average will be 6.3% by the fourth quarter, down from 7.8% in 2023’s final three months — will entice more.
If you’ve been holding out for lower mortgage rates, they’re finally here. Expect prime rate at 6.2% by the end of 2024 and 5.45% by the end of 2025.
