Will Mortgage Rates Go Down In August 2024. “by the spring of 2024…rates will hopefully be in the 6% range.” the fed paused its rate hikes in september and extended the pause just over a month later. In july 2023, overnight interest rate climbed to 5%, the highest since 2001.

Other factors affecting the housing market right now; Forecast of lowest mortgage interest rates as of august 22, 2024.