Friday, September 9, 2022 / by Laura Larson
Your best source of information to consult when considering your homeownership goals and assessing whether it is time to move is to take a look at what the experts say. Here is a summary of the most recent forecasts for mortgage rates from industry professionals.
Although inflationary pressures and economic uncertainties are causing mortgage rates to vary, experts predict that they will begin to normalize in the months to come. The most recent forecasts predict that mortgage rates will initially be in the low to mid 5% area, possibly changing to the high 4% range by later next year.
That could bring you some welcome relief. So far this year, mortgage rates have climbed over 2% due to the Federal Reserve’s response to inflation, and that has made it more expensive to buy a home. Some potential buyers are delaying their purchase because they are uncertain about whether the rate increase will persist.
But now that experts are predicting that mortgage rates will stabilize, potential buyers can be a bit more certain about what 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. Reach out to Laura Larson to discuss your goals and determine the best plan for your move.