Forecast For Mortgage Rates 2024. The ey item club predicts that the bank of england will cut its policy rate from 5.25% to 4% by the end of 2024, and alongside falling inflation, the cost of home loans will also likely decrease. In 2024 as modest price declines take hold and mortgage rates dip, the typical purchase cost is expected to slip just under $2,200 which would amount to nearly 35% of income.

The federal reserve won’t make its next rate decision until september 18, but homebuyers are already getting. Newly released projections by members of the fomc have the fed funds rate falling to an estimated 4.6% in 2024.