But now that the Fed has signaled a softer approach to cooling the economy instead of rolling out bumper rate hikes, potential home buyers are left to wonder: Will mortgage rates come back down? Or have buyers missed their chance? Mortgage rates have run up so far and so fast this year that many would-be homebuyers can no longer afford to buy a home. At the end of 2022, when rates were at 3%, few predicted that just a year later rates around this week’s 6.
“Mortgage rates will drop a bit in December, we’ll see a brief flurry of activity, but there are likely to be more increases in the new year.” And don’t expect to see rates drop at the same speed at which they rose this year, she said. “We have to remember mortgage rates come down much slower than they go up,” said Cohn. “Banks will want to see proof that rates are meaningfully coming down and not a one-shot wonder.
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Thanks Joe
'No one knows exactly where mortgage rates will go in the months ahead.' Use your head. The fed just raised rates again. I gotta dollar or two that mortgage rates go up too.
We’re lucky if they stay in the 5% range.
Up
You Keep voting blue, this is what you get!
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