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Economists with the National Association of Realtors predict mortgage rates will drop to 6% in 2024, a full percentage point lower than current rates.
This is good news for buyers, but the “golden handcuff effect” has homeowners who purchased during the pandemic unwilling to part ways with their historically low interest rates.
Canopy Realtor Association encourages people to keep an open mind in order to secure a home when interest rates decline.
Tiffany Johannes, president of Canopy Realtor Association, suggests buyers focus on what they can afford today and consider refinancing in the future.
She also recommends finding a realtor to guide buyers through the ups and downs of the market.
Charlotte and its suburbs continue to rank among the fastest growing in America.
