Housing experts revise mortgage rate forecasts for remainder of 2024

Housing experts have revised their 2024 mortgage rate forecasts upward due to persistent inflation and high home prices, despite earlier predictions of rate declines. The Federal Reserve's steady monetary policy suggests that mortgage rates will remain elevated, impacting home affordability and sales activity. Additionally, home prices are expected to continue rising due to a significant inventory shortage, with forecasts predicting nearly 5% appreciation by year-end.