Mortgage Interest Rates 2024 Predictions Meaning. Greg mcbride, bankrate’s chief financial analyst, expects rates to fall gradually throughout the year, reaching 5.75 percent by the end of 2024. The average standard variable rate has increased from 4.48% on 1 july 2020 to 8.17% on 1 july this year, according to moneyfacts data.

Mortgage rates will have their biggest decrease in the first quarter of 2024, with the remaining quarters floating around the same average rate. While it’s not possible to make accurate uk mortgage rate predictions for the next 5 years, the office for budget responsibility has forecast that mortgage rates on average are.