One of the big questions on all buyers’ minds is where are mortgage rates headed in the months ahead. No one has a crystal ball to know exactly what’ll happen in the future, but what housing market experts know for sure is that the record-low mortgage rates during the pandemic were an outlier, not the norm.
This year, rates have climbed over 2% due to the Federal Reserve’s response to rising inflation. If inflation continues to rise, it’s likely that mortgage rates will respond.
Until inflation peaks, mortgage rates won’t either. Without improvement on the inflation front, we don’t know where the interest rate ceiling will be.
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Realtor® | Real Estate Negotiation Specialist
North Star Team at Compass