When Will Mortgage Rates Go Down

Performance Property Real Estate Question

Q: Mortgage rates have more than doubled recently. When do you think mortgage rates will go down? Kim, Edgewater, NJ

A: It’s hard to know exactly if and when mortgage rates will drop after many years of record low rates. Freddie Mac forecasts mortgage rates will drop from an average of 6.8% in the fourth quarter of 2022 to 6.2% in the fourth quarter of 2023 but only time will tell. Thanks for your question, Kim.

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