Expert Forecasts on Mortgage Rates

– September Update-

Hey friend, 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 down?

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 Bottom Line

Whether you’re looking to buy your first home in the North Alabama area, or you are planning to 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.

Friend, if you are in Huntsville or any of our surrounding areas of our sweet home North Alabama  reach out to us as your trusted real estate professionals to discuss your goals and determine the best plan for your move.

Remember, The Brooks Family Of Realtors has been serving our North Alabama and Tennessee Valley since 1972.