2024 mortgage rates expected to decrease, averaging 6.38% from 7.79% in late 2023.
Mortgage rates are declining, benefiting new homebuyers in 2024, with the average 30-year fixed rate expected at 6.38%, down from 7.79% in late 2023. Existing homeowners can reduce interest and shorten loan terms by making extra payments. For example, adding $100 monthly to a $250,000 mortgage at 5.5% could save nearly $45,000 in interest and cut the term by over four years. However, prioritize high-interest debt and retirement contributions first.
October 05, 2024
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