Take stock of your financial situation.Here are some other ways you can improve your chances of getting the best deal: Even lowering your rate by a few basis points can save you money in the long run. For example, advanced preparation and meeting with multiple lenders can go a long way. Though lenders decide your mortgage rate, there are some proactive steps you can take to ensure the best rate possible. "We expect mortgage rates may notch down slightly as inflation comes under control, but they are unlikely to return to 5% in the near future." Zillow Home Loans senior economist Orphe Divounguy.By 2024, NAR anticipates the 30-year fixed rate will be at 6%, which will be welcome relief to potential home buyers.” The expectation is that the Fed will see the ease in inflation and there will be a ripple effect to the mortgage market. “The 30-year fixed interest rate for mortgages has remained stubbornly high. National Association of Realtors (NAR) deputy chief economist and vice president of research Jessica Lautz.As a result, mortgage rates may gradually come down, but it’s unlikely that we will see a big drop in mortgage rates until inflation makes significant progress towards the Fed’s target or there’s a decline in economic activity." "The path for mortgage rates is uncertain and highly dependent on incoming economic and inflation data. First American deputy chief economist Odeta Kushi.In addition, new job creation and consumer spending will impact mortgage rates-if we see that fewer jobs are created and consumer spending declines, slowing the economy, then mortgage rates will drop." If the rate of inflation continues to drop, mortgage rates will follow right along. " Mortgage rates will follow inflation rates in the next few months. William Raveis Mortgage regional vice president Melissa Cohn.“Due to lower home sales, purchase origination volumes are expected to remain muted this year, while high mortgage rates keep refinance activity low.” Here are more detailed predictions from economists, as of September 2023: Treasury bond yields, the Fed’s actions to contain inflation by hiking the federal funds rate tend to push mortgage rates upward. While mortgage rates are directly impacted by U.S.
Currently, the average 30-year, fixed-rate mortgage is over 7%, reaching 7.49% as of October 5, slightly up from 7.31% a week prior, according to Freddie Mac.Įxperts expect the Federal Reserve’s ongoing monetary policies to continue to put some upward pressure on mortgage rates, though with the Fed signaling that it will slow rate hikes, a downward shift in mortgage rates may soon come. Forbes Advisors Average Mortgage Rates For October 2023Įarlier in the year, experts forecasted that the 30-year, fixed-mortgage rate would fall to within the 5% to 6% range in later 2023, though some predicted it might go even higher.
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