The next feature of This is What I Know… Today, focuses on mortgage rates during a recession.
As inflation rose this year interest rates climbed significantly, too. According to the latest data from the National Association of Realtors, the typical monthly mortgage payment is now almost $700 dollars higher that it was a year ago. If that is making you press pause on your home search, we get it.
What do the experts think will happen to mortgage rates during a recession?
Experts project that mortgage rates should start to stabilize and not continue their steep climb. Mortgage rate projections from several industry experts and on average, they are forecasting that rates will main steady over the next four quarters. The average will hover in the lower 5 percent range.
The key is that we also have to watch what happens with inflation to see how mortgage rates respond. We are keeping a close eye on the data and the good news is that inflation shows signs of peaking. Experts don’t predict that mortgage rates will continue to rise like they did in earlier in 2022.
So what is the best thing to do if you’re looking to sell or are seeking homes for sale in the Denver Metro Area of Colorado? Connect with professionals and top real estate agents, who stay on top of the latest expert insights for you.
The housing market is changing, and you need a trusted advisor, who know what makes a good realtor. Check out Part 2, What Does a Recession Mean for the Housing Market?
Connect with the Barrington Group Real Estate company today.
