Will mortgage rates drop in 2024?

Maybe, but probably not significantly. Experts predict that higher rates will likely persist in 2024 — though hopefully, after surpassing 8 percent in October 2023, the worst is behind us. “I believe we’ve already reached the peak in terms of interest rates,” NAR chief economist Lawrence Yun said at the company’s NXT conference in mid-November. He told the audience he expects rates to range between 6 and 7 percent by spring buying season, and that prediction is already beginning to play out: As of January 31, Bankrate data showed the 30-year mortgage rate was averaging 6.84 percent.