Are mortgage rates going down in 2024? Mortgage rates have been extremely high over the past couple of years, especially since their all-time low in 2021.

But will things change in 2024? In this post, our real estate experts at Your Home Sold Guaranteed Realty - Phil Aitken Home Team will discuss what the average interest rates are currently like in Jacksonville. Then, we’ll cover whether they’re expected to decrease this year.

Key Takeaways:

• In recent months in 2024, the average mortgage interest rates in Florida ranged between 5.68% for a 10-year fixed-rate mortgage to 6.5% for a 30-year fixed-rate mortgage.
• Florida’s average mortgage rates for all loan products are slightly lower compared to national averages. Nationwide, the average mortgage interest rate for a 30-year mortgage is 7.01%, compared to 6.5% for Florida.
• Nationwide, mortgage interest rates are expected to decrease in 2024, including in Jacksonville. Real estate experts are predicting they’ll finally fall below the average of 7% and reach anywhere from 6.1% to 6.4%.

What are the Current Interest Rates in Jacksonville?

In recent months in 2024, the average mortgage interest rates in Florida ranged between 5.68% for a 10-year fixed-rate mortgage to 6.5% for a 30-year fixed-rate mortgage.

For adjustable-rate mortgages, the rate was 7.26% for a 7-year adjustable-rate mortgage and 6.25% for a 5-year adjustable-rate mortgage.

For a 30-year fixed-rate mortgage from the Federal Housing Administration (FHA), the interest rate was 5.936%. And for a 30-year fixed-rate mortgage from the Department of Veterans Affairs, the rate was 6.56%. 

Florida’s average mortgage rates for all loan products are slightly lower compared to national averages. Nationwide, the average mortgage interest rate for a 30-year mortgage is 7.01%, compared to 6.5% for Florida.

Are Mortgage Rates Going Down in 2024?

Nationwide, mortgage interest rates are expected to decrease in 2024, including in Jacksonville. Rates will still remain significantly higher than what they were during their all-time low in 2021. But real estate experts are predicting they’ll finally fall below the average of 7% and reach anywhere from 6.1% to 6.4%.

However, whether or not the Federal Reserve lowers the interest rates depends on inflation. If the inflation rate comes down, interest rates will also decrease. For this reason, it’s impossible to guarantee what interest rates will do. 

If you want to learn more about interest rates in Jacksonville before buying a home, it’s best to reach out to a real estate professional. They can help you analyze current rates and decide whether it’s best to buy now or wait for them to come down.

Learn More About Interest Rates in Jacksonville with Phil Aitken

At Your Home Sold Guaranteed Realty - Phil Aitken Home Team, Phil Aitken and our team have been rated as the best realtor in Jacksonville. We’ve been in the business for many years and have helped hundreds of clients buy their dream homes in Jacksonville. 

We make the home-buying process easy and risk-free thanks to our Buyer Satisfaction Guarantee, which ensures you end up with a home that meets your budget and criteria. 

Have more questions about interest rates and buying a home in Jacksonville? Give us a call at (904) 544-5252 or send a message to [javascript protected email address]. You can also fill out the form on this page. Get ready to start packing!

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