What’s Next for Home Prices and Mortgage Rates?

If you’re planning to move this year, two key housing market factors are likely on your mind: home prices and mortgage rates. You’re probably wondering what the future holds and whether it’s better to act now or wait.

The best approach is to base your decision on the latest information. Here’s what experts are saying about both home prices and mortgage rates:

What’s Next for Home Prices?

A reliable source for home price forecasts is the Home Price Expectations Survey from Fannie Mae – which gathers insights from over one hundred economists, real estate experts, and market strategists.

According to the latest survey, experts predict that home prices will continue to rise at least through 2028:

While the rate of appreciation will vary each year, the survey indicates that prices will rise (not fall) for at least the next five years, albeit at a more normal pace.

What does this mean for your move? If you buy now, your home is likely to increase in value, building equity over time. Conversely, if you wait and prices continue to climb, you’ll face higher costs later on.

When Will Mortgage Rates Come Down?

This is the million-dollar question. There isn’t an easy answer due to the various factors affecting the current volatile mortgage rate environment. Odeta Kushi, Deputy Chief Economist at First American, explains:

“Every month brings a new set of inflation and labor data that can influence the direction of mortgage rates. Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”

The future of mortgage rates depends on how these factors evolve. While experts are optimistic that rates will decrease later this year, economic indicators will continue to play a significant role. As CNET notes:

“Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events and more.”

If you’re ready, willing, and able to afford a home now, partner with a trusted real estate advisor and an experienced lender like Mark Scocco at Crown Home Mortgage to explore your options and determine the best course of action.

Bottom Line

Connect with Countryside Homes NJ and RE/MAX Select to ensure you have the latest information on home prices and mortgage rate expectations. Together, we’ll review expert insights to help you make an informed decision about your move.

Client Testimonials for Countryside Homes NJ

At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.

David R. New Homeowner

Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.

Rachel and Andre First Time Homebuyer

As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!

Prestia Family New Homeowners

From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!