Mortgage rates are now much higher than they were last year, but where are they headed? Here's what the experts say.
While experts acknowledge several factors are influencing mortgage rates, from treasury yields to the 2024 election, most agree that what happens with inflation will play a key role in the direction of mortgage rates. Here's what they had to say.As people run out of their savings left over from the pandemic, spending will begin to slow, and the economy will begin to slow as well.
""Looking into the crystal ball, I see mortgage rates heading down over the next six to 12 months, with some volatility accompanying this downward trend. I think 30-year rates will be in the ballpark of 5.25% and 15-year rates to be around 4.875% a year from now.""While the dispersion of outcomes is wide, our base case assumes mortgage rates will be tighter by 25 to 50 basis points by the end of the first quarter 2024. This would put the 30-year fixed rate mortgage around 7%.
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