If you’re thinking about buying or selling a home, you’ve probably got mortgage rates on your mind. That’s because you’ve likely heard that mortgage rates impact how much you can afford in your monthly mortgage payment, and you want to factor that into your planning. Here’s what you need to know.

Home affordability is showing signs of improvement, with mortgage rates trending down, home prices rising more slowly, and wages increasing. These factors are gradually making it easier for potential buyers to enter the housing market. While challenges remain, the outlook is becoming more favorable for those looking to purchase a home in 2024