Where Are Mortgage Rates Headed? Housing Market Predictions for 2024

Experts attribute the current market slowdown to increasing interest rates, low inventories, and out-of-control inflation.

A 'Sold' sign is posted in front of a house in Washington, on Feb. 26, 2022. Stefani Reynolds/AFP via Getty Images

Many Americans are suffering a housing affordability crisis, but better days are on the way in the second quarter of next year, when mortgage rates will begin to fall, according to industry experts.

Lawrence Yun, chief economist for the National Association of Realtors, predicts that 30-year mortgage interest rates will be floating around 6 percent by next spring.