Rates are high right now, but what will mortgages look like in the future?
It's no secret that mortgage rates are very high right now. As of October 30, the average interest rate for a 30-year fixed-rate mortgage is 8.05%; the rate for a 15-year fixed-rate mortgage stands at 7.19%. While that isn't the highest it has ever been, it is the highest it's been since 2000. If you're reading this and thinking about waiting until 2024 to look for a mortgage, it unfortunately seems like there won't be much relief next year.
'In light of the information provided to us by markets that quantify future interest rates projections, the forward curve would most prominently inform our mortgage rate projections,' she said. 'We would expect mortgage rates to be closer to 6.5% in 2025 than the current rate of 8%.'Miskunas declined to speculate on where mortgage rates might be five or ten years from now, saying there were simply 'too many exogenous factors' to do so accurately.
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