According to recent projections, a significant drop in mortgage rates is expected to occur by the end of 2024, potentially reaching a low rate of 6%. This development is expected to have a positive impact on borrowers who obtained loans in 2023, as approximately 33% of those loans could potentially benefit from saving at least one full percentage point or even more. The projected savings could bring considerable financial relief and attract the attention of both current and prospective homeowners.
Key points from the text:
– Projections indicate a potential decline in mortgage rates towards 6% by the end of 2024.
– Loans originated in 2023 have the potential to save at least one full percentage point or more.
– Approximately 33% of the loans from 2023 are expected to benefit from the projected decrease in rates.
– The potential savings may have a substantial impact on borrowers by providing significant financial relief.
– This projected decrease in mortgage rates could have far-reaching implications for both existing and future homeowners.
You can read this full article at: https://www.housingwire.com/articles/improvement-in-rates-affordability-and-refi-opportunities-suggest-positive-signs-for-2024-housing-market/(subscription required)
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