According to Brian Shahwan, Vice President and Mortgage Banker at William Raveis Mortgage, as the Fed's efforts to combat inflation approach their 2% target, mortgage rates are likely to respond positively, gradually decreasing in early 2024. He anticipates rates reaching around 6.5% in Q1 of 2024 and 5% in Q4.

Christopher L. Stroup, MBA, CFP, a Financial Advisor at Abacus Wealth Partners, notes that many leading institutions' mortgage rate forecasts don't foresee rates dropping to 6% or below until the end of 2024 or early 2025.

Travis Saling, Loan Officer at Fairway Independent Mortgage Corporation, agrees, predicting that rates may move into the low 6% range by the end of the next year and into the 5% range by 2025.

Kevin Leibowitz, President and CEO of Grayton Mortgage, believes lower mortgage rates might not be seen until the second half of the next year. When rates do dip, he expects them to be in the 6% to 6.5% range, possibly slightly below 6%, but doesn't anticipate rates falling below 5% in the near future.