Mortgage Rates Holding Steady Around 7% As Experts Predict Slight Decrease in 2023
- Mortgage rates have increased significantly since early 2022, now at highest levels since 2000 due to rising inflation and benchmark rate hikes.
- Experts predict mortgage rates may decrease slightly in 2023 and 2024 but are unlikely to return to pre-pandemic lows of 2-3%.
- Strategies like shorter loan terms, buying points, and improving credit can help secure marginally lower rates in current market.
- Home prices expected to continue increasing modestly in 2023 with limited potential for significant drops.
- Adjustable rate mortgages offer lower initial rates but carry risk of increased payments when rates adjust periodically.
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