January 2024 homebuying archive. This article originally discussed expectations for home prices and mortgage rates entering 2024. Those expectations were forecasts, not outcomes or current reasons to buy.
The original chart is labelled Q4 2023 Home Price Expectations Survey, December-to-December changes. It displays 2.35% for 2024, 2.70% for 2025, 3.67% for 2026, 4.06% for 2027 and 4.15% for 2028. Each number is a projected annual change in that forecast edition, not a realized result or a guaranteed return.
Fannie Mae describes the HPES as a survey of housing experts’ national price expectations. A national survey average does not establish appreciation for a Telluride home. A forecast can change and does not prove that waiting necessarily makes a future purchase more expensive.
The January 2024 post cited Realtor.com economist Danielle Hale and National Association of Realtors commentary anticipating some rate relief as inflation and monetary-policy conditions evolved. Those were dated expectations. They do not show what happened afterward or establish the rate a borrower can obtain today.
Mortgage pricing reflects more than a single Federal Reserve decision. Obtain current lender terms and compare the loan amount, term, points, fees, lock conditions and total payment. Do not rely on a future refinance or a predicted rate decrease to make an otherwise unaffordable purchase work.
Mountain Rose Realty can help compare current properties and local evidence. A lender and qualified advisers can address financing, legal and tax questions. Forecasts can inform a discussion, but they cannot promise equity growth, a favorable resale or an optimal purchase date.