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Greg McBride, Bankrates chief financial analyst, says a quarter-point hike is probable but not assured. The increase in the Bank rate from 3.5% to. The unusually high spreads reflect a combination of uncertainty about the U.S. economy and the Feds decision to stop aggressively buying mortgage-backed securities (a policy it had pursued throughout the pandemic). Economic & Strategic Research (ESR) Group June 13, 2022 For a snapshot of macroeconomic and housing data between the monthly forecasts, please read ESR's Economic and . Mortgage rates could decrease next week (March 6-10, 2023) if the mortgage market takes a cautious approach to a possible recession. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. 15 Year Mortgage Rate forecast for July 2023. The possibility of international conflicts is always present, and will no doubt have effects on our economy. Bankrate.com is an independent, advertising-supported publisher and comparison service. Mortgage rates have trended downward over the last few months, but they havent moved in a straight line. However, when it comes to the rate hike itself, the impact on mortgage rates will be minimal. Look for lenders with low advertised rates, great customer service scores, and recommendations from friends, family, or a real estate agent. Lending services provided by Rocket Mortgage, LLC, a subsidiary of Rocket Companies, Inc. (NYSE: RKT). Meanwhile, the National Association of Realtors and National Association of Home Builders had the highest predictions of or 6.7% and 7.16%. Mortgage rates shot up rapidly to open 2022, driven by inflation and Fed hikes. in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. 1 Our corporate interest rate forecast is a function of Treasury forward curves as of market closing on the final business day of the previous month. Higher mortgage rates in the coming week. According to one estimate from the National Association of Home Builders published in January 2022, housing and everything that goes with it made up, you know the inflation was about as bad then as any time in recent memory. You can still get a good deal, historically speaking especially if youre a borrower with strong credit. So mortgage rates tend to be high when things are going well and low when the economys in trouble. But that didnt reflect the week overall. Mortgage rates go down. You can use a mortgage calculator or speak with a loan officer to crunch the numbers. Rocket Mortgage received the highest score in the J.D. Where will mortgage rates go next year? The forecasts are vast Meanwhile, the prediction from Freddie Mac is 6.4%. On the other, you could pay more than you need to in the event that mortgage rates go down before you close on your loan. Next week, we get the employment report, which can have a big impact on rates.