This report reviews recent mortgage rate trends at the end of 2023 and how they could help reduce Seattle housing costs in 2024. Home prices in the Seattle area have started creeping upward again, following a 12-month downturn that was part of a nationwide real estate slowdown. Because of this trend, some home buyers in the Seattle area could have difficulty purchasing in 2024. When home prices rise over time, we see a corresponding decline in overall housing market affordability. The good news is that mortgage rates have been declining steadily over the past few months, and we may see lower m ..read more

In 2023, higher mortgage rates cooled the real estate market in Washington and elsewhere across the country. But home loan rates have been trending downward lately, and some economists expect this to continue into 2024. According to one recent forecast, lower mortgage rates could increase Washington home sales in 2024. Lower borrowing costs could increase buyers’ demand and bring more homes on the market. Both of those things would lead to an increase in sales activity. Forecasters Predict Lower Mortgage Rates in 2024 The average rate for a 30-year fixed mortgage loan has more than doubled ove ..read more

Mortgage rates have declined a bit since hitting a 20-year peak back in November 2022. And a recent forecast suggested they might have further to fall, throughout the rest of 2023. Such a trend could help increase affordability for home buyers across the state of Washington. Here’s an analysis of the latest mortgage rate trends and forecasts, and what they might mean for Washington home buyers in 2023. Mortgage Rates Dropped Again This Week According to a report published earlier today by the mortgage buyer Freddie Mac, the average rate for a 30-year fixed mortgage loan dropped to 6.28%. That ..read more