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How will high mortgage rates impact U.S. residential real estate market recovery by end of 2024?
3
Resolution / Starting Odds
Significantly slowed recovery • 33%
Moderately affected recovery • 34%
Minimal impact on recovery • 33%
Economic analyses and reports from real estate market experts
Story
U.S. Mortgage Rates Reach 7.1% High in 2024, Freddie Mac Reports
Apr 18, 2024, 04:06 PM
U.S. mortgage rates have reached new heights in 2024, with the average 30-year fixed mortgage rate climbing to 7.1%, marking the highest level since late 2023, according to Freddie Mac. This significant increase is attributed to the largest weekly rise in nearly a year. The rise in rates has been consistent, with reports indicating a jump to 7.43% and even peaking at 7.64%. This trend poses challenges for the residential real estate market, as higher rates could slow down recovery, affect home affordability, and muddle home sales growth.
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Housing prices increase • 33%
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Housing prices remain stable • 34%
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Increase Fed Funds Rate • 33%
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Yes • 50%
No • 50%
Decrease by more than 1% • 33%
No significant change • 33%
Increase by more than 1% • 33%