Mortgage rates have stayed steady at 7% national average for the last month, with more drops/moderation to come in 2024, as predicted by most analysts. Dean Baker, a Senior Economist with the Center for Economic Research, does not believe the rates will fall to pandemic lows, “although we may soon see rates under 6.0%” As we approach 6%, we expect the local DC real estate market to be robust, with higher buyer demand and still low inventory. Anecdotal evidence suggests this will be a red hot spring market. Scan the QR code for our full market report.
February 2024 Washington DC Metro Area Real Estate Market Update
