What goes up, must come down.
At least, that’s what is predicted to happen to mortgage rates in the upcoming weeks.
The 30-year fixed-rate mortgage average was at 4.46% during the week of January 31st. This was the first time in 2019 that we’ve seen a rise in rates – about one basis point compared to the previous week.
However, critics and professionals agree that a slower-growth economy seems to be underway. Fixed-rate mortgages follow the 10-year U.S. Treasury note; demand for assets like these seem to grow popular as investors believe a slow in economic growth is imminent.
While the slowdown might be a huge relief for potential homebuyers, the housing market is still seeing small inventory. So for now, it’s all about give and take.