November 2022 Market Update : Mortgage Rate Predictions

If you’ve been following the real estate market, you’ve likely noticed a big question on everyone’s mind: Why are mortgage interest rates rising so quickly, and will they continue to do so? The market has been turbulent this year, with the Federal Reserve raising the 30-year fixed mortgage rate six times.

Sam Khater, Chief Economist at Freddie Mac, explains, “The uncertainty and volatility in financial markets is heavily impacting mortgage rates. The 30-year fixed-rate mortgage has more than doubled over the last year.” These are significant increases that are leaving many buyers and sellers wondering what’s next.

What’s Driving the Rapid Increase in Mortgage Rates?

The main driver behind the soaring mortgage rates is inflation. The Federal Reserve is working hard to combat inflation and slow the economy, but this effort has a direct impact on mortgage rates and the overall housing market. Unfortunately, until inflation comes down, it’s likely we’ll continue to see rates rise.

What Does This Mean for 2023?

According to Mark Fleming, Chief Economist at First American, “While mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us.” This suggests we may not experience the sharp spikes we’ve seen this year but could see more stabilization in the market moving forward.

For buyers and sellers, this means navigating a market that’s shifting toward steadier, albeit higher, rates. It’s more critical than ever to have a trusted real estate expert on your side to help you make informed decisions.

Expert Guidance for Owasso Buyers and Sellers

If you’re in Oklahoma, you’ll be glad to know there are home buyer assistance programs available. My team and I at OK Homes and Lifestyle Group work with some of the best lenders in the area, whose goal is to find the ideal loan product tailored to your financial situation.

Let’s Navigate This Market Together

I’m Dana Weyl, Broker Associate with Coldwell Banker Select, and my team is dedicated to helping buyers and sellers in Owasso thrive in today’s real estate market. Whether you’re looking to buy your first home, sell your current property, or simply stay informed, we’re here to help.

Let’s connect! Click HERE, fill out the form, and either I or a member of my team will reach out to provide you with the latest updates on mortgage rates and market trends. Together, we’ll ensure you’re prepared to make the best decisions for your future.