Inflation. It’s at the forefront of all economic conversations, and inflation has certainly altered the real estate market. In fact, data from the National Association of Realtors states that the average monthly mortgage has increased $700 from just one year ago. But here’s the thing. Experts predict mortgage rates should start to stabilize, not continue their steep climb. This chart shows the latest mortgage rate projections from several industry experts.
On average, their forecasting rates will remain fairly steady over the next four quarters, hovering in the low 5% range The key is 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. So signs of peaking. Experts don’t predict mortgage rates will continue to rise like they did earlier this year.
I’m not sure if buying is right for you, but for those who are, they are benefiting from the hesitant buyers that are holding off from buying in today’s real estate market.
