Fixed mortgage rates have dropped for two consecutive weeks, according to Freddie Mac. However, experts have released their latest rate forecasts over the last few days — and despite two weeks of decreases, economists’ longer-term outlooks are becoming less positive.
The Mortgage Bankers Association released its May Mortgage Finance Forecast on Thursday and predicted 30-year fixed rates will end the year at 6.5%. Fannie Mae’s May forecast now puts 30-year rates at a whopping 7% by the end of the year. In April, both the MBA and Fannie Mae predicted 30-year rates would drop down to 6.4% by late 2024.
Laura Grace Tarpley | Yahoo Finance