Mortgage rates reached record highs in 2023, but predictions suggest they may drop below 7% in 2024. However, home prices are expected to continue rising, with a predicted increase of 3 to 4%. Housing inventory is likely to remain low, but there may be some increases. Overall, buying a house in 2024 may still be challenging, but lower mortgage rates could potentially increase inventory. Buyers are advised to consider purchasing now at a lower price and refinancing if rates do fall.