Bradley attorney Robert Maddox was quoted in The Mortgage Report on mortgage rates and the potential decrease of rates in 2023. Experts predict that rates will either decrease or remain the same as 2022 ranges.
If the Fed continues with its trend of smaller rate increases, “the market may have already factored in its peak, as rates are already beginning to move down,” Maddox explained. Mortgage rates are often proactive, rather than reactive, and may adjust based on potential market changes.
As usual, mortgage rates are volatile and could buck even the best projections by experts. “If the Fed continues to see stubborn consumer spending, then sustained rate increases could continue to move mortgage interest rates above 7%,” Maddox said.
Maddox advised, “Mortgage interest rates are still historically good, and you shouldn’t put off buying a home hoping for rates to come back to 2.5%. That won’t happen again in the next few years, if ever.”
The full article was published in The Mortgage Report on December 19, 2022.