Your home is the single largest purchase you’ll make in your lifetime. From finding a home to making sure it’s priced right, there are numerous steps to purchasing your first home. However, it can be a relief to rest assured that interest rates are near historic lows. But with rates rising and the housing market slowing down, what does the future hold for mortgage rates?

 

According to the latest data from NAR, today, the typical monthly mortgage payment is now almost seven hundred dollars higher than it was a year ago. If that’s making you press pause on your home search, I get it.

 

Here’s a summary of the latest mortgage rate forecasts from housing market experts:

 

This chart shows the latest mortgage rate projections from several industry experts. On average, they’re forecasting rates will remain fairly steady over the next four quarters, hovering in the low-five percent range.

 

The key is, that we also have to watch what happens with inflation to see how mortgage rates respond. I’m keeping a close eye on all the data, and the good news is, as inflation shows signs of peaking, experts don’t project mortgage rates will continue to rise as they did earlier this year.

 

In today’s real estate market, many potential buyers are finding the home buying process intimidating, or those who have already bought a home would like to make informed decisions about their current mortgage situation.  So, I created this FREE HOMEBUYER’S GUIDE you can download to give you the detailed steps you need to take on your homebuying journey.

 

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 and see how I can help.

 

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