What is a mortgage interest rate forecast?

If you’re in the market to purchase or refinance a home, how much you can expect to pay would be one of them. A mortgage interest rate forecast is an educated guess at where the market is headed. Mortgage interest rate forecasting refers to when experts predict how interest rates will increase or decrease.

What is a mortgage rate?

A mortgage rate is the interest that a home buyer will pay to finance the purchase. You'll get the best rate available if you have a very good credit rating and a financial history that proves you can afford to repay the loan. However, the range of mortgage rates that are available at any given time are well outside your control.

Will mortgage rates come down next year?

But the upshot for homebuyers is that mortgage rates are expected to come down next year, Fratantoni said. MBA is forecasting mortgage rates to end 2023 at around 5.4%. The average rate for a 30-year fixed rate mortgage is currently 6.94%, according to Freddie Mac. What will my monthly mortgage payment be?

What is the average rate for a 30-year fixed rate mortgage?

The average rate for a 30-year fixed rate mortgage is currently 6.94%, according to Freddie Mac. What will my monthly mortgage payment be? Fratantoni cautioned that mortgage rates will still face plenty of volatility in the coming months as the Fed is expected to continue to raise interest rates this year.