Mortgage rates have been on the rise for much of 2021, but mortgage watchers are predicting that a long-awaited decline may be just around the corner. For May 2023, experts forecast that mortgage rates will trend downward as we head into summer.
If this prediction holds, it could provide some relief to potential homebuyers who have faced rising borrowing costs over the past year or so. Lower interest rates mean lower monthly payments and more money in your pocket each month – something many homeowners would welcome with open arms!
However, while a drop in mortgage rates is certainly good news for those looking to purchase or refinance their homes soon, there’s no guarantee that these predictions will come true. Interest rate trends can be unpredictable at times and can change quickly without warning – so it’s important to keep an eye on them if you’re planning any big purchases this summer season.
Fortunately, though, most experts agree that even if we don’t see a decrease in May 2023 as predicted now – chances are still high for one later down the line before 2021 comes to an end. So whether you’re considering buying a house soon or already own one – make sure you do your research and stay informed about current market conditions!
Read more at Bankrate
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