What is Going On with Mortgage Rates?!

If you’ve been thinking of buying a home, you may have been watching what’s happened with mortgage rates over the past year. It’s true they’ve risen dramatically, but where will they go from here, especially as the market continues to slow?

As you think about your homeownership goals and decide if now’s the time to make your move, the best place to turn to for that information is the professionals. Here’s a summary of the latest mortgage rate forecasts from housing market experts:

Experts Project Mortgage Rates Will Stabilize

While mortgage rates continue to fluctuate due to ongoing inflationary pressures and economic uncertainty, experts project they’ll start to stabilize in the months ahead. According to the latest projections, mortgage rates are expected to hover in the low to mid 5% range initially, and then potentially dip into the high 4% range by later next year (see chart below):

That could bring you some welcome relief. So far this year, mortgage rates have climbed over two percentage points due to the Federal Reserve’s response to inflation, and that’s made it more expensive to buy a home. And wondering if the rise in rates will continue is keeping some prospective buyers on the sidelines.

But now that experts say mortgage rates should stabilize, this gives you a bit more certainty about what they think the future holds, and that may help you feel more confident about your decision to buy a home.

The Takeaway

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… that’s where our team comes in! We have relationships with top lenders across the country to keep us up-to-dated with what is going on in the mortgage world, as well as a team of agents out in the field EVERY day. Contact us today to start your home search!

About Us

We are award-winning real estate agents with Keller Williams Real Estate. We specializes in providing clients with a superior experience from start to finish. Our top priority is ensuring your home selling/buying process is smooth, successful, and memorable! With real-time updates of all properties for sale, you have direct access to everything you need. To push our level of client service, our team has expanded across the state of Michigan, bringing first class agent services, title, resale, new builds, and now mortgage services, to the consumer, making a seamless experience for any home buyer or seller. 

In 2021, we closed 328 transactions for over 93M in sales volume, ranking us amongst the top teams in the State of Michigan, and we continue to grow and maintain these numbers for 2022! We have team members operating out of offices all across Michigan, serving the areas of Rochester, Royal Oak, Ann Arbor, and Northville! Connect with us today to work with one of the Nation’s top ranked teams for your real estate needs.

If you are ready to make your move and start the home search process, contact us today! If you have any other real estate needs or questions, we’d be happy to help you in your home buying or selling journey.