What’s the mortgage rate you’ve got your eye on?

No one’s going to argue that mortgage rates have been giving us all a little heartburn over the past couple of years. But guess what? There’s finally some good news on the horizon! Rates are starting to cool off, and recently, they dropped to the lowest point we’ve seen in 2024, according to Freddie Mac (cue the happy dance!).

If you’re eyeing the housing market, you might be wondering: How much lower can they go? Let’s dive in.

Expert Projections for Mortgage Rates

The experts say the downward trend should keep chugging along as long as inflation and the economy stay on their best behavior. Sure, we might hit a few speed bumps (because it’s never that easy, right?), but don’t let those little blips distract you from the big picture. Rates are still down by about a full percentage point since their peak in May.

Now, here’s the fun part: The general consensus is that we could see rates in the low 6s in the next few months. Maybe it’ll be 6.25%, 6.0%, or maybe—if the stars align—we’ll hit that magical 5.99%. Whatever your sweet spot is, that’s your green light to jump back into the market.

So, What’s Next?

Once you’ve set your target rate, don’t stress yourself out watching the rates like a hawk. Instead, link up with a local real estate pro who’ll keep an eye on the market for you. They’ll be your personal mortgage-rate scout, ready to sound the alarm when it’s time to make your move.

Bottom Line

If you’ve been sitting on the sidelines because of sky-high mortgage rates, it’s time to start thinking about what rate would make you jump back into the

game. Pick your number, then team up with a real estate expert who’ll let you know when it’s go-time. The future’s looking bright—let’s get ready to make your move when the moment’s just right!