Economic uncertainty will lead to slightly lower mortgage rates in 2023, but expect home prices to remain high
While rate hikes can reduce inflation by making it more expensive to borrow money, they also discourage investment. This can shrink the economy, and perhaps trigger a recession in which many people lose their jobs.
they typically decrease during a recession"With the Fed maintaining an aggressive posture and inflation still high, mortgage rates will roller coaster up and down during the first half of the year before a more substantive slide takes hold in the back half of 2023," says Greg McBride, chief financial analyst at Bankrate, who predicts a"notable pullback" on mortgage rates as inflation trends lower.
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