Mortgage rates: Too good to be true?

The interest rates on mortgages have been at historic lows for the past few years. This has made it a great time to buy a home. But how low will they go? And how long will they stay this low?

Mortgage expert Freddie Mac says that there won't be too much variation this year. It predicts that the average rate on a 30-year fixed-rate mortgage in 2023 will be what it was in 2022: 6.5%.

But other experts say that mortgage rates could fall even further, as the economy slows down.
"If the economy continues to weaken, mortgage rates could decline as low as 6.25% by the end of the year," said Matthew Pointon, senior property economist at Capital Economics.

So, what does this mean for you? If you're planning to buy a home in the next few months, you may want to lock in a low mortgage rate now. But there's no rush to make a decision. It also depends on other factors influencing your home loan, like your credit score and down payment amount.

Mortgage rates are still extremely low, but they're not likely to stay that way forever. If you're not sure whether or not it's the right time to buy a home, talk to a mortgage expert to discuss all of your options.