Mortgage rates have been on the rise in recent months, and it is unclear when they will start to fall again. The Federal Reserve is raising interest rates in an effort to combat inflation, and this is having a ripple effect on the mortgage market.

As of August 2023, the average interest rate for a 30-year fixed-rate mortgage is 6.9%. This is up from 3.2% in early 2022. The rise in mortgage rates is making it more expensive to buy a home, and it is also slowing down the housing market.

There are a few factors that could cause mortgage rates to fall in the future. One possibility is that the Federal Reserve will stop raising interest rates. Another possibility is that inflation will start to fall. If either of these things happens, it could lead to lower mortgage rates.

However, it is also possible that mortgage rates will continue to rise in the future. If inflation remains high, the Federal Reserve may continue to raise interest rates. This could lead to even higher mortgage rates.

It is difficult to say for sure what the future holds for mortgage rates. However, it is important to be aware of the current trend and to be prepared for the possibility of higher rates. If you are thinking about buying a home, it is a good idea to get pre-approved for a mortgage so that you know what your options are.

Here are some tips for borrowers who are facing rising mortgage rates:

• Shop around for the best interest rate.
• Consider a shorter-term mortgage, such as a 15-year fixed-rate mortgage.
• Put down a larger down payment.
• Consider an adjustable-rate mortgage (ARM), but be aware of the risks.

Rising mortgage rates can be a challenge, but there are ways to make the process easier. By being prepared and taking the right steps, you can still buy a home even if rates are high. RDURealtorNC can help you in your home search. Please feel free to contact us for a free non-obligation consultation in buying home or relocating to Triangle Area.