After home financing costs nearly doubled in 2022, some relief is in sight for potential homebuyers in 2023. The interest rate for a 30-yr fixed-rate mortgage in the US is expected ↓ to 5.25% by the end of this year. That’s ~1.5 pps lower than the current rate, and ~2 pps lower than 2022′s peak rate of 7.12%. Economists expect a slowing economy in 2023 as the Fed continues to increase interest rates which may trigger a recession.
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