If you’ve been thinking of buying a home, you may have been watching what’s happened with mortgage rates over the past year. 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 professionals are the best places to turn to for that information. Here’s a summary of housing market experts’ latest mortgage rate forecasts.
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, making buying a home more expensive. And wondering if the rise in rates will continue keeps some prospective buyers on the sidelines.
But now that experts say mortgage rates should stabilize, this gives you more certainty about what they think the future holds, which 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 to make the most informed decision possible. So let’s connect to discuss your goals and determine the best plan for your move.