It's not realistic anymore to delay a home purchase in the hope that mortgage rates will fall. Embracing this reality will hasten your chance of owning a home.
The era of low mortgage rates is over. Embracing this reality will hasten your owning a house that meets your needs.
Some forecasters predict that rates will decline over the next 12 months. But they don’t foresee rates dropping below 5% anytime soon. If you want to buy a home, it’s tempting to be in denial that this is happening. But as you start to accept that we’re now in a time of higher rates, you can achieve closure .
Those three organizations are not alone in their prediction that mortgage rates will go down, but no one expects rates to plunge back to where they were two years ago. One takeaway from these forecasts: Sure, mortgage rates might drop a little. Maybe. If the forecasters are right. But if you hold out for dramatically lower rates, you’ll probably wait in vain. And if they do fall substantially after you buy, you can refinance.Inflation is the wild card What if you want to do your own research? Economists monitor tons of data when forecasting mortgage rates. But if you ask them what regular folks should keep an eye on, they reply as one: inflation.
The Fed’s goal is to keep core PCE around 2%, but it has been higher than 3% for more than two years. From January through April , core PCE was 4.6% or 4.7%. Core CPI has been higher but falling.
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