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Fannie Mae: Mortgage Rates Will Fall Back to 4.5%
Fannie Mae has made a mortgage rate prediction, one that will offer a little relief to homebuyers.
In its August forecast, the government-sponsored lender predicted that 30-year rates will drop back down to 4.5% by next year and will likely go lower as the year progresses.
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Average rates are expected to be 4.7% and 4.4% in the first and fourth quarters of 2023, respectively — down from 5.2% in the second quarter of this year, per the August report.
Since the beginning of the year, long-term rates have risen two percentage points and last week averaged 5.55%. A year ago, rates were below 3%.
See other articles related to: interest rates, mortgage, mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/fannie-mae-mortgage-rates-will-fall-back-to-45/20021.
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