Zillow Home Loans senior economist Orphe Divounguy.By 2024, NAR anticipates the 30-year fixed rate will be at 6%, which will be welcome relief to potential home buyers.” The expectation is that the Fed will see the ease in inflation and there will be a ripple effect to the mortgage market. “The 30-year fixed interest rate for mortgages has remained stubbornly high. National Association of Realtors (NAR) deputy chief economist and vice president of research Jessica Lautz.
As a result, mortgage rates may gradually come down, but it’s unlikely that we will see a big drop in mortgage rates until inflation makes significant progress towards the Fed’s target or there’s a decline in economic activity." "The path for mortgage rates is uncertain and highly dependent on incoming economic and inflation data.
If the rate of inflation continues to drop, mortgage rates will follow right along. " Mortgage rates will follow inflation rates in the next few months. William Raveis Mortgage regional vice president Melissa Cohn.“Due to lower home sales, purchase origination volumes are expected to remain muted this year, while high mortgage rates keep refinance activity low.” Here are more detailed predictions from economists, as of September 2023: Treasury bond yields, the Fed’s actions to contain inflation by hiking the federal funds rate tend to push mortgage rates upward. While mortgage rates are directly impacted by U.S. Currently, the average 30-year, fixed-rate mortgage is over 7%, reaching 7.18% as of September 14, slightly up from 7.12% a week prior, according to Freddie Mac.Įxperts expect the Federal Reserve’s ongoing monetary policies to continue to put some upward pressure on mortgage rates, though with the Fed signaling that it will slow rate hikes, a downward shift in mortgage rates may soon come. Energy and Digital products are not regulated by the FCA.Mortgage Rates Forecast Through September 2023Įarlier in the year, experts forecasted that the 30-year, fixed-mortgage rate would fall to within the 5% to 6% range in later 2023, though some predicted it might go even higher. Compare The Market Limited is authorised and regulated by the Financial Conduct Authority for insurance distribution (Firm Reference Number: 778488).
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