Mortgage Rates Could Hit 8.8%. Should You Buy Right Now?
Buying a home is always nerve-racking, but those looking purchase right now have even more reasons to fret: the Federal Reserve has been raising interest rates steadily for more than a year, meaning that those looking to get a mortgage are likely looking at a rate they arent going to like. The Federal Reserve Bank of New York just published the results of the 2023 edition of the Survey of Consumer Expectations Housing Survey, giving a snapshot of the housing market and how consumers are faring in it. For help figuring out whether the time is right for you to buy a home, consider matching for free with a vetted financial advisor. What Home Buyers Are Thinking Among the most striking findings from the survey is that Americans have tempered their hopes for how much the value of their home will grow over the next year, dipping to 2.6% from 7.0%. Not only is that a precipitous drop, but its actually the lowest home price growth expectations recorded since this survey began in 2014. Just over 68% of respondents felt that buying property in their zip code was either a “very good” or “somewhat good” investment, which is slightly below the numbers for the