Mortgage Moves: What’s Next for Rates?
Download MP3 Overview of Mortgage Rates:
- Rates initially showed a decline from 8.5-9% to the low to mid-6% range.
- This decrease was a temporary "head fake," and rates have since risen above 7%.
Government and Expert Predictions:
- High-profile real estate experts and government officials agree that rates will remain elevated.
- Previous rate hikes did not significantly slow the economy, indicating the need for further increases.
Future Projections:
- Mortgage rates are expected to rise to 8% or higher by mid-year.
- Rates might stabilize briefly before elections but are likely to climb again by year-end.
Advice for Buyers:
- Consider purchasing real estate now if you can secure a rate near 7%.
- Prepare for upper single-digit mortgage rates in the foreseeable future.
Key Takeaway: Plan your real estate decisions with the expectation of sustained high interest rates.
