Description
Many throughout the United States are wondering is 2024 is a good time to buy a new house as mortgage rates continue to fall for the ninth week in a row.
CBS 8 is Working for You to find out what this drop in rates means for prospective homebuyers.
Will 2024 be a better time to buy a house?
Rates in 2023 were nearly eight percent, some of the highest mortgage rates the market had seen in years.
But they have since gone down. Rates are under seven percent, the lowest level since May of last year.
"I think the outlook looks good as far as interest rates are concerned,” said Alan Gin, an economics professor at the University of San Diego.
Gin says the Federal Reserve started raising interest rates to combat inflation.
FULL STORY: https://www.cbs8.com/article/news/local/working-for-you/mortgage-rates-drop-buy-a-house/509-9d711dc5-48e1-4897-8133-45f418d6ddf7