Real Estate
Where are mortgage rates headed?
Will we ever hit that low 3% rate we saw during the pandemic?
Experts say it's not likely we'll see that low average 30-year fixed mortgage rate that we saw during the height of COVID-19.
"One can never truly predict the future, but I don’t see mortgage rates returning back to the 3% range in the remainder of my lifetime,” said Lawrence Yun, chief economist at the National Association of Realtors, according to CNBC.
The article breaks down mortgage rate predictions from various sources:
Find out what's happening in Nyack-Piermontfor free with the latest updates from Patch.
- NAR forecasts an average rate of 6% by the end of 2023, and 5.6% for 2024
- Fannie Mae forecasts an average rate of 6% by the end of 2023, and 5.4% for 2024
- Mortgage Bankers Association forecasts an average rate of 5.8% by the end of 2023, and 4.9% for 2024
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