Hey guys! I want to talk to you about mortgage rate projections, where we headed with the rates if you want to buy a mortgage. We all know that inflation and interest rates rose this year.
And according to the latest data from the National Association of Realtors, your monthly mortgage payment also went up probably about $700 on average more than it was a year ago. If you’re out there buying homes and you’re thinking about pressing pause on your home search, I totally get it.
But here’s the thing actually, experts are projecting mortgage rates should start to stabilize and not continue their steep climb, kind of like they did with list prices. This chart shows the latest projections from several industry experts.
On average, their forecasting rates will remain fairly steady over the next four quarters, hovering kind of in a low 5% range. The key is we also have to watch what happens with inflation to see how mortgage rates respond.
Of course, as you guessed it, I’m keeping a close eye on all the data. And the good news is, as inflation shows sign of picking, experts think that mortgage rates will also do the same. So what is the best thing to doif you want to make a move? Well, that’s obvious. It’s to connect with me. So you have a professional who’s staying on top of the latest news and insights.
The housing market is changing, and right now, you need a trusted adviser more than ever. So the best way to get that, like, comment follow, and I’ll make sure you guys stay in the now!
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Melissa Morgan 