…mortgage rates slid for a second week … but we don't expect rates to stay at this level for too long.
For sellers, getting in early optimizes odds of a quick sale at a good price before there's too much competition, but that means acting now … In this environment, sellers probably really can't go wrong, and that's especially true in the nation's hottest housing markets where homes are selling quickly and getting the greatest number of viewers online.
Most experts agree that rates will continue to trend upward. Sam Khater, Chief Economist at Freddie Mac, states:
Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.
In addition, Freddie Mac recently released their Quarterly Forecast, which notes:
We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022. (See graph below):