Dreaming of your new home and wondering when mortgage rates will go down? Amidst the excitement of buying or selling a home, there’s one burning question on everyone’s mind: where are the rates going? For both buyers and sellers, the direction of interest rates is the compass guiding their real estate journey. Join us as we shed some light on the mystery of rate projections as well as a bit of perspective on where they are now. The decisions of aspiring homeowners and sellers navigating the dynamic housing market may be more a function of your known priorities than the rates themselves.

Everyone wants to know where rates are going!

The fact is that no one knows for sure, but here is a table provided by Keeping Current Matters that shows projections through the end of 2024.

Experts project rates to be in the mid-six percent range by the end of 2024.

What we see here is a consensus among Fannie May, Mortgage Bankers Association, and the National Association of Realtors that rates are likely to be in the mid-six percent range by the end of next year.

Current rates are still lower than they were in the last three decades.

One thing we do know is that rates in the seven-percent range are still lower than they were in the last three decades. This might not do much to change your monthly payment, but it does provide some perspective and illustrates that rates below four percent were actually an anomaly and are not likely to return.

What does this mean for you?

How does this affect home sellers and buyers? Should you make your move now? It depends on your situation, plans and priorities. Reach out, and let’s have a conversation.