When will mortgage interest rates drop?

As further Fed rate hikes remain uncertain, organizations like Fannie Mae and the Mortgage Bankers Association have forecasted declining average rates on 30-year fixed-rate mortgages throughout 2023, continuing into the first quarter of 2024.

Will mortgage rates stay high in British Columbia?

A new mortgage rate forecast from the British Columbia Real Estate Association (BCREA) expects mortgage rates for British Columbians to stay high and potentially get higher by the end of the year. The report, released Sept. 22, highlights the volatility in financial markets that occurred over the course of the third quarter.

What is the average 30-year mortgage rate in 2022?

As a result, the average 30-year mortgage rate has surged from about 3% at the start of 2022 to 7.3% – the highest level since 2000. Steeper interest rates encourage saving over spending and increase borrowing costs, meaning they typically pull down the prices of assets such as houses.

Can you predict the future of mortgage rates?

It's impossible to predict the future — when or if mortgage rates is anyone's guess — but we wanted experts to weigh in. Understanding where interest rates are headed can help you better understand your options now and in the future. Explore your mortgage refinancing options now and see what rate you qualify for.