Mortgage interest rates are still too high, yet lower than they were a year ago. I guess “too high” is subjective, but the price of housing, sky-high property taxes, and higher-than-ever insurance rates make buying a house out of reach for many. Banks, insurance companies, brokerage firms, and money managers benefit when interest rates are high. Home buyers do not benefit.
Mortgage interest rates were much higher when I bought my first home but housing prices were much lower in proportion to incomes.
Experts have been predicting that mortgage rates will go down. At the beginning of the year, forecasters predicted lower rates by the end of 2024. They are lower than they were last December (7.03%). Supposedly they will go down in 2025 and in 2026. We shall see.
