How To Buy a Home Without Waiting for Lower Rates
Many people are hoping mortgage rates will come down before they buy a home. But will that actually happen? According to the latest forecasts, experts say rates will decline, but not by as much as a lot of people want. The good news? Even if they don’t drop substantially, there are still ways to make buying a home more affordable. How Much Will Rates Drop? A few months ago, experts were forecasting mortgage rates could dip below 6% by the end of the year. But recent projections suggest that may not happen after all. While mortgage rates are still expected to decline some later this year, projections from Fannie Mae , the Mortgage Bankers Association (MBA), and Wells Fargo now show them stabilizing closer to 6.5% by the end of the year ( see below ): That means if you’re holding off on buying a home in hopes of much lower mortgage rates, you may be waiting a while. And if you need to move because something in your life has changed, like a new job, a new baby...
