With high mortgage rates and limited housing inventory, many prospective homebuyers are concerned about the state of the economy. Forecasts like those from the Mortgage Bankers Association and Fannie Mae predict a decrease in 30-year interest rates in 2024, potentially aiding a recovery in home sales. Meanwhile, homebuyers are advised to improve their credit scores, reduce debt, apply for first-time homebuyer programs, save for down payments, and shop around for competitive mortgage rates.
