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Mortgage Rates Forecast For 2024: Experts Predict How Much Rates Will Drop

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Mortgage rates just can’t seem to get into a sustainable downward groove.

After hitting a 2024 high of 7.22% to start May, the average 30-year fixed mortgage rate has fallen 36 basis points. A basis point is one one-hundredth of a percentage point.

For the week ending June 27, the 30-year fixed rate was 6.86%, according to Freddie Mac.

Many housing market experts don’t expect mortgage rates to recede significantly in the coming months unless the Federal Reserve decides to cut its benchmark interest rate.

Here is how some experts predict market conditions will affect the average 30-year, fixed-rate mortgage in Q2 2024 and beyond.

This post originally appeared at Forbes.