National Association of Realtors sits the low end of the group, predicting the average 30-year fixed interest rate to settle at 6.5% for Q3. All five major housing authorities we looked at projected 2023’s third quarter average to finish below that. The 30-year fixed-rate mortgage averaged 7.18% as of Sept. Of course, rates could rise on any given week or if another global event causes widespread uncertainty in the economy. Additionally, the likelihood of a recession has many experts believing mortgage interest rates will move within a tighter range compared to the spikes we saw in early 2022. With inflation gradually cooling, the size of the Fed’s rate hikes are coming down. The average 30-year fixed-rate mortgage more than doubled within the course of the year. Mortgage interest rates forecast next 90 daysĪs inflation ran rampant in 2022, the Federal Reserve took action to bring it down and that led to big interest rate growth. But for October, we’re more likely to see rates remain in the 7.0-7.5% range.” It’s still likely that mortgage interest will start to come down later this year - albeit slowly and gradually - once the Fed signals that it’s done with the current cycle of rates hikes. Treasury notes seem to be rising due to rhetoric from the Federal Reserve, which has signaled that it may need to raise Fed Funds rates higher - and keep them higher longer - than what the market had been anticipating. “Mortgage rates have been stubbornly high over the past month, driven in part by increased yields in the bonds market. Rick Sharga, president and CEO at CJ Patrick Company Of course, interest rates are notoriously volatile and could tick back up on any given week.Įxperts from First American, CJ Patrick Company, Beeline, and others weigh in on whether 30-year mortgage rates will climb, fall, or level off in October.Įxpert mortgage rate predictions for October With the economy likely heading into a recession, it’s possible we’ve already seen the peak of this rate cycle.
debt ceiling talks, the Fed may continue making hikes to bring interest rates down. However, with duress permeating the financial market and the fallout from U.S. The range can be largely attributed to the Federal Reserve’s ongoing fight against inflation, juxtaposed with uncertainty in the banking sector sparked by Silicon Valley Bank’s collapse. The average 30-year fixed rate went as low as 6.09% on Feb. Mortgage rates fluctuated significantly to open 2023 and mostly trended upward to start the second half.
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Freddie Mac research suggests homebuyers can potentially save $600-$1,200 annually by applying for mortgages from multiple lenders,” said Sam Khater, chief economist at Freddie Mac.
However, potential homebuyers can still benefit during these times of high mortgage rates by shopping around for the best rate quote. “The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated. The average 30-year fixed rate mortgage (FRM) increased from 7.12% on Sept. 18-22)Īfter two consecutive declines, interest rates crept back up. Septem16 min read Mortgage rate forecast for next week (Sept.
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