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Expert Forecasts on Mortgage Rates

Expert Forecasts on Mortgage Rates | Simplifying The Market

If youve been thinking of buying a home, you may have been watching whats happened with mortgage rates over the past year. Its true theyve 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 nows the time to make your move, the best place to turn to for that information is the professionals. Heres 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 theyll 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):

Expert Forecasts on Mortgage Rates | Simplifying The Market

That could bring you some welcome relief. So far this year, mortgage rates have climbedover 2%due to the Federal Reserves response to inflation, and thats 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.

Bottom Line

Whether youre looking to buy your first home, move up to a larger home, or even downsize, you need to know whats happening in the housing market so you can make the most informed decision possible. Lets connect to discuss your goals and determine the best plan for your move.

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