According to NAR economist Nadia Evangelou, mortgage rates will stabilize as inflation continues to slow down in the coming months. November 2022’s surge at 7.08% was a high and has been pulling back slowly. This makes for a see-and-wait attitude for some homebuyers as they wish the 3.22% rate one year ago could come back, or approach that rate. When rates actually fall more, those buyers on the sidelines will make a push to purchase which may bring back the days of multiple officers and reduction of their contingencies (not good). Today’s 30-year fixed-rate mortgage stands at 6.48% and the 15-year fixed-rate is at 5.73%. What can you do now? Find your home now with less competition, take advantage of already falling rates, with the plan to re-finance at a later date.
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