Housing Market Predictions 2024

CCM Staff

Modified 14, November, 2024
Created 17, September, 2024
3 min read

Industry News

The CrossCountry Mortgage team recently sat down with Chris Bennett, principal of mortgage hedge advisory firm Vice Capital Markets, for his expert insights on the state of the market and what to expect in 2024.

Key Takeaways

Bear market for bonds is over
Housing inventory stays tight
No dramatic change in interest rates

One of the worst bear markets for bonds in history is over

The worst is officially behind us. And within the past 6 weeks, we’ve seen one of the biggest bond market rallies since the 1980s.

Mortgage interest rates have stabilized and could potentially come down further in 2024.

Find Out What You Can Afford

Housing inventory will continue to be tight

Homeowners interested in buying a home aren’t willing to trade a 3% interest rate for a 6.5% or higher interest rate unless they absolutely have to.

Consult with your local loan officer to learn about offerings that can help combat a high interest rate and get you into the home of your dreams.

Don’t expect to see drastic interest rate changes

It’s hard to make predictions because no one knows for sure what the future holds. There are things that can slightly move the needle rate-wise, but I don’t foresee anything drastic happening to get the rates in the 5’s or lower until possibly later in the year.

The future of 2024 rates will all be highly data dependent. What the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) Index show in January, February, and March will go a long way toward setting the pace and timing of easing by the Fed in the latter half of the year.