What Experts Are Saying About Mortgage Rates…
One of the most difficult questions that many people in the real estate industry are asked every single day – is “What is happening with the market?” Many people want to know what is happening with mortgage rates and are concerned about what their next step should be.
If you’ve been thinking of buying a home, you may have been watching what’s happened with mortgage rates over the past year. It’s true they’ve risen dramatically, but where will they go from here, especially as the market continues to slow?
As you think about your homeownership goals and decide if now’s the time to make your move, the best place to turn to for that information is the professionals – someone who is proven to not only know and understand the market – but someone who is going to give you the best advice possible.
Here’s a summary of the latest mortgage rate forecasts from housing market experts.
Experts Project Mortgage Rates Will Stabilize
While mortgage rates continue to fluctuate due to ongoing inflationary pressures and economic uncertainty, experts project they’ll start to stabilize in the months ahead. According to the latest projections, mortgage rates are expected to hover in the low to mid 5% range initially, and then potentially dip into the high 4% range by later next year (see chart below):
That could bring you some welcome relief. So far this year, mortgage rates have climbed over two percentage points due to the Federal Reserve’s response to inflation, and that’s made it more expensive to buy a home. And wondering if the rise in rates will continue – is keeping some prospective buyers on the sidelines.
But now that experts say mortgage rates should stabilize, this gives you a bit more certainty about what they think the future holds, and that may help you feel more confident about your decision to buy a home.
Whether you’re looking to buy your first home, move up to a larger home, or even downsize, you need to know what’s happening in the housing market so you can make the most informed decision possible.
Let’s connect today to discuss your goals and determine the best plan for your move. It matters who you work with – make sure you choose a Realtor who is focused on and committed to helping you reach your Real Estate goals.
Schedule a confidential consultation: https://www.calendly.com/sonalihutson to discuss your goals or next steps.
I will see you at the closing table!