What’s happening with mortgage rates, now and in the future?
In case you didn’t know, the past year saw the largest and fastest rise in mortgage rates ever.
So, if you have clients who are waiting for those rates to go back down to where they were at the start of 2022, they may be waiting a very long time.
While most experts agree that they believe the peak is over, what happens with mortgage rates is directly impacted by one huge factor affecting the economy right now: inflation.
If you’re waiting for mortgage rates to go back down to where they were at the start of 2022, you may be waiting for a while as the Federal Reserve works to get inflation under control.
And if you’re considering renting as your alternative while you wait it out, remember that’s going to get more expensive with time too.
Each person’s situation is unique. To make the best decision for you, let’s connect to explore your options.
What’s Ahead for Home Prices?
In the past 12 months, there’s been a lot of mixed information about what will happen with home prices in the near future. Homes are staying on the market longer. We’re not seeing a large influx of new listings, suggesting we’re returning back to the seasonal norms we typically see this time of year. Plus, the newest data shows an uptick in price drops for current listings in
the later half of 2022.
With some major industry players calling for appreciation and others projecting depreciation, this is what we can gather: the reality will probably lie somewhere in the middle.
For most markets around the country, we can expect to see neutral growth.
DM me so I can help you navigate what’s ahead.