Mortgage rates in 2024 have shown signs of trending lower, with the average 30-year fixed mortgage rate around 6.76% in May and 15-year rates at 6.07%. Currently, the average monthly payment for a 30-year fixed mortgage stands at $2,883. Various factors, including personal credit scores, debt-to-income ratios, and down payment amounts, influence these rates. Additionally, broader economic trends and Federal Reserve policies play a significant role. Historically, rates have fluctuated, with a notable dip to 2.65% in January 2021 due to the pandemic. Experts predict rates may decrease further in 2024, potentially falling into the 5% range. It's crucial for homebuyers to shop around and obtain multiple quotes to secure the best rates. High credit scores and larger down payments can also help in achieving more favorable rates. Despite potential high rates, current buyers might benefit from less competition in the housing market.
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