Mortgage rates won't go back down to 3% in my lifetime, says real estate expert—here's why
Publishing timestamp: 2023-07-11 14:11:45
Summary
The article states that the era of super-low mortgage rates is over and unlikely to return soon. The historically low rates during the pandemic were an anomaly, and rates have historically been closer to an average of 7% over the past 50 years. The Federal Reserve's response to the pandemic and economic uncertainty led to low mortgage rates, but rising inflation and current federal spending deficits make it unlikely for rates to drop to nearly 0% again. Economists do not expect a return to record-low mortgage rates in the near term, and projections suggest a steady decline in rates over the next year or so.
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Keywords: douglas elliman inc, united states, pnc financial services group inc, lawrence yun, prices,