If you’ve been thinking of buying a home, you may have been watching what’s happened with mortgage rates over the past year. They’ve risen dramatically, but where will they go from here, especially as the market slows?
As you consider your homeownership goals and decide whether now is the time to make your move, the professionals are the best source of information. Here’s a summary of housing market experts’ latest mortgage rate forecasts.
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 2% due to the Federal Reserve’s response to inflation, making buying a home more expensive. And wondering if the rise in rates will continue keeps some prospective buyers on the sidelines.
But now that experts say mortgage rates should stabilize, you can feel a bit more certain about what they think the future holds, which may help you feel more confident about your decision to buy a home in Chicago.
Bottom Line
Whether you’re a first-time homebuyer in the Chicagoland area and surrounding suburbs, moving up to a larger home, or even downsizing, you need to know what’s happening in the housing market to make the most informed decision possible. Let’s connect to discuss your goals and determine the best plan for your move.
