This Washington, D.C. mortgage planner says he has seen the monthly payments of new clients double in just a few years.
ResiClub PRO | Among the 17 mortgage rate forecasts currently tracked by ResiClub, the average prediction is 6.33% by late 2025.
According to the third-quarter data just released by FHFA, 73.3% of U.S. mortgage borrowers now have an interest rate below 5.0%—a decline of 12.2 percentage points since Q1 2022.
When it comes to mortgage rates, the key factor to watch moving forward remains the labor market.
The Federal Reserve doesn't directly set long-term rates like mortgage rates. Instead, financial markets look to expectations about the future direction of the economy, labor market, inflation, and Fed policy.
According to a new survey by John Burns Research and Consulting, the average 30-year fixed mortgage rate is still well above the 'magic mortgage rate.'
ResiClub PRO | The potential refinance pool is growing; however, it is still expected that traditional refinances will have a lower ceiling this cycle.
Among U.S. homeowners who have a mortgage, 76% have an interest rate below 5.0%.
While national home prices and single-family homebuilding have proved resilient, the mortgage market remains in the dumps.
