Six experts weigh in on real estate in 2024

Six experts weigh in on real estate in 2024

No other phrase has defined the 2023 housing market as much as the “mortgage rate lock in effect” – a phenomenon that brought the industry to a standstill, putting downward pressure on everything from inventory levels to home sales.

The pandemic-era sub-5% mortgage interest rates that 85% of current mortgage holders are locked in to kept current homeowners from selling their home and buying another at elevated interest rates, which peaked at 7.79% the week ending Oct. 26, according to Freddie Mac.

But will things change this year?

There are signs that market conditions will be improving.