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Bank of America: Mortgage Rates Poised to Fall Later This Year
Posted on 8/11/22 at 11:15 am
Posted on 8/11/22 at 11:15 am
No not down to 2.5 or even 3.0 but they are saying 4.5ish range. I've seen many 'experts' predict this and that they may even fall lower once we get into 2023. The result of this? They think another buyer frenzy is on the way for all the folks that missed out buying at a low rate in 2020 and 2021. At the very least it presents opportunity for those that bought with 5.5 to 6.0 rates to refi. Thoughts?
LINK
LINK
This post was edited on 8/11/22 at 11:16 am
5
Posted on 8/11/22 at 11:23 am to ronricks
If the rates remain above 5% next year it will crush the housing market. We needed a return to reality with housing prices and we have seen them start to adjust down. 4.5% is a great rate to help control pricing and keep the market from imploding.
Posted on 8/11/22 at 11:41 am to hawkeye007
Are average yearly appreciation gains going to stay around 3-5% per year or do you think annual home appreciation slows down?
Posted on 8/11/22 at 11:53 am to Paul Allen
3-5% hasnt been the normal in years. 10%-30% is what we have been seeing unitl this year. most markets will see a decline this year and next year more than likley.
Posted on 8/11/22 at 1:26 pm to ronricks
My wife's in the mortgage business and stays on top of all the predictions. Her company believes rates will dip in 2023 and they are going to make a big push to get customers to refi just like you said.
Hopefully it all happens that way.
Hopefully it all happens that way.
Posted on 8/11/22 at 1:54 pm to ronricks
All signs are pointing to this
Posted on 8/11/22 at 1:59 pm to ronricks
quote:
4.5ish range. I've seen many 'experts' predict this and that they may even fall lower once we get into 2023. The result of this? They think another buyer frenzy is on the way for all the folks that missed out buying at a low rate in 2020 and 2021
Why would anyone want to leave a 3% for a 4.5%? I don't see the frenzy they are talking about.
Posted on 8/11/22 at 2:03 pm to boogiewoogie1978
quote:
Why would anyone want to leave a 3% for a 4.5%? I don't see the frenzy they are talking about.
They were talking about the people who haven't bought yet not people that have 3's or 3.5's. There's lots of millennials and Gen Z'ers in apartments or their parents basements. We are still short on housing.
Also JP Morgan is saying home appreciation for 2022 is 9.8% but that appreciation has mostly already happened this year and will be flat rest of year.
This post was edited on 8/11/22 at 2:05 pm
Posted on 8/11/22 at 2:18 pm to ronricks
quote:
We are still short on housing.
Still several years away from adequate inventory.
Posted on 8/12/22 at 7:36 am to boogiewoogie1978
quote:
Why would anyone want to leave a 3% for a 4.5%? I don't see the frenzy they are talking about.
The wife and I are considering moving right now. 2.8% is our current rate which sucks going to a 5% or whatever it is right now. Rates will never go back down to sub 3% IMO, but we can't stay in our house forever. Housing prices going down seem like it would be logical, but it just isn't happening and I don't see prices coming down significantly. And rates are only temporary. If they get back down to 3-4%, we can refinance. If they keep going up, we got the best rate we could.
So to answer your question briefly, house prices I don't believe will come down, and rates go up or down and there are options with both of those.
Posted on 8/12/22 at 9:51 am to ronricks
They are gonna fall big
Its why the banks are charging high rates and it costs a lot right now
Cause they know its gonna be refied in 6mnths
Barry Habib with anothrt crystal ball award
Its why the banks are charging high rates and it costs a lot right now
Cause they know its gonna be refied in 6mnths
Barry Habib with anothrt crystal ball award
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