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2022 saw higher home prices and higher mortgage rates that sidelined many buyers. So what’s in store for spring 2023?  Here are more predictions from pros.

Prediction 1: Mortgage rates are a wildcard

“Buyers who had been sitting on the sidelines were likely encouraged by mortgage rates that fell from higher than 7% in November to just about 6% in early February. But while it’s widely expected that rates will fall this year, mortgage rates shot up in early February, showing that no one can count on a consistent downward trajectory for rates this year. If rates rise in March, buyers could pull back right as many sellers are planning to list their homes,” says Jeff Tucker, senior economist at Zillow. See the lowest mortgage rates you can may get now here.

For her part, Nadia Evangelou, NAR senior economist and director of real estate research, says: “With mortgage rates projected to stabilize below 6% in the second half of the year, more Americans will likely become homeowners, boosting the homeownership rate.”

And Holden Lewis, home and mortgage expert at NerdWallet, says: “The biggest events of the month will be the release of the consumer price index on March 14 and the Fed’s monetary policy meeting that concludes March 22. If the inflation rate doesn’t slow significantly, the Fed will maintain its aggressive stance and that could push mortgage rates higher and home prices lower. But if inflation cools, the upward pressure on mortgage rates will ease.” See the lowest mortgage rates you can may get now here.

Booking.com

 

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