Are Mortgage Rates Expected To Drop In 2023?
If you're considering buying a home this year, the volatility of the 30-year fixed mortgage rate between 6% and 7% is something to keep in mind. Even a 0.5% change in the rate can have a big impact on your monthly payment. With rates bouncing around in this range for the past few months, it's worth exploring how this fluctuation affects your purchasing power.
What This Means for You:
Many homebuyers may be tempted to put their plans on hold in hopes that rates will go down even more. However, trying to time the market is a risky endeavor, as no one knows for sure where rates will go. As Lisa Sturtevant, Housing Economist at Bright MLS, explains: “It is typically a fool’s errand for a homebuyer to try to time rates in this market… But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.”
That's why it's important to rely on the expertise of real estate professionals who can help you understand the factors that influence mortgage rates and create a plan tailored to your specific needs. They can also advise you on the best way to navigate the current market and make an informed decision.
