Falling mortgage rates, a recovering housing market — Is it a good time to buy a house?

The Federal Reserve has maintained interest rates, while mortgage rates have dipped below 7%. Factors to consider when buying a house in 2024 include housing inventory, mortgage lenders, and home prices. Active inventory has increased nearly 24% year-over-year, and new home construction is rising despite supply challenges. Personal financial situations, such as income stability, credit scores, debt load, and savings, are crucial in the home-buying decision. Buyers should shop around for the best mortgage rates and get preapproved before making a purchase.