Homebuyers who are gearing up to shop for a house this fall might wonder whether the mortgage rate gods will smile in their favor.
They’re right to ponder: Last October, rates hit a 23-year high of 7.79% for a 30-year fixed home loan, according to Freddie Mac.
Since then, rates have plunged to 6.47% for the week ending Aug. 8, the lowest they’ve been in over a year before ticking up slightly. The Realtor.com® 2024 midyear forecast predicts rates will dip further to 6.3% by year’s end.