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"The path for mortgage rates is uncertain and highly dependent on incoming economic and inflation data.

First American deputy chief economist Odeta Kushi.

In addition, new job creation and consumer spending will impact mortgage rates-if we see that fewer jobs are created and consumer spending declines, slowing the economy, then mortgage rates will drop." If the rate of inflation continues to drop, mortgage rates will follow right along. " Mortgage rates will follow inflation rates in the next few months.

William Raveis Mortgage regional vice president Melissa Cohn.

“Due to lower home sales, purchase origination volumes are expected to remain muted this year, while high mortgage rates keep refinance activity low.”

Here are more detailed predictions from economists, as of September 2023: Treasury bond yields, the Fed’s actions to contain inflation by hiking the federal funds rate tend to push mortgage rates upward. While mortgage rates are directly impacted by U.S.

Currently, the average 30-year, fixed-rate mortgage is over 7%, reaching 7.12% as of September 7, slightly down from 7.18% a week prior, according to Freddie Mac.Įxperts expect the Federal Reserve’s ongoing monetary policies to continue to put some upward pressure on mortgage rates, though with the Fed signaling that it will slow rate hikes, a downward shift in mortgage rates may soon come.

Mortgage Rates Forecast Through September 2023Įarlier in the year, experts forecasted that the 30-year, fixed-mortgage rate would fall to within the 5% to 6% range in later 2023, though some predicted it might go even higher.