Six experts weigh in on real estate in 2024

No other phrase has defined the 2023 housing market as much as the “mortgage rate lock in effect” – a phenomenon that brought the industry to a standstill, putting downward pressure on everything from inventory levels to home sales.

The pandemic-era sub-5% mortgage interest rates that 85% of current mortgage holders are locked in to kept current homeowners from selling their home and buying another at elevated interest rates, which peaked at 7.79% the week ending Oct. 26, according to Freddie Mac.

But will things change this year?

There are signs that market conditions will be improving.