Current Housing Market Interest Rates 2024. The annual pace of home sales went from more than 6 million in early 2022 to less than 4 million in. Against a backdrop of modest economic growth, slightly higher unemployment, and easing inflation longer term interest rates including mortgage rates begin a slow retreat.

As mortgage rates soared, the housing market experienced a prolonged slump. These high interest rates will prompt prospective buyers to readjust their housing expectations, but we anticipate housing demand to remain high due to favorable demographics, particularly in the starter home segment.