What's Next for Home Prices and Mortgage Rates?
If you're considering making a move this year, you're probably thinking about home prices and mortgage rates. Here's what experts are saying:
Home Prices:
- According to the Home Price Expectations Survey by Fannie Mae, home prices are projected to rise through at least 2028.
- The appreciation rate will vary, but prices are expected to increase at a more normal pace.
- Buying now means your home is likely to grow in value, and you should gain equity in the years ahead. Waiting could mean paying a higher price later on.
Mortgage Rates:
- Mortgage rates are influenced by inflation, the economy, and geopolitical factors.
- Experts are optimistic rates will come down later this year, but acknowledge that changing economic indicators will impact rates.
- As CNET notes, housing market predictions change regularly in response to economic data and events.
If you're ready to make a move, let's connect. We'll ensure you have the latest information on home prices and mortgage rates so you can make an informed decision.