Mortgage rates are unlikely to rise in the very near future, potentially fueling further home purchases throughout the summer as buyers look to cash in on the ongoing rate slump.
Though rates are “likely to rise in the following months, buyers shouldn’t “expect any sharp spikes in August,” National Association of Realtors senior economist Nadia Evangelou told Bankrate this week.
“I expect mortgage rates to show little change in August, hovering around 3 percent as most economic indicators will start to normalize,” she added.
Atlanta-area real estate attorney Chuck Biskobing agreed. ““I expect rates to more or less hold steady for the next month in the 3 percent range for a 30-year mortgage,” he said, arguing that “recent unexpectedly high jobless claims” make a major move upward in rates “unlikely.”
Both 15- and 30-year rates have been at historic lows over the past year, with little indication in recent weeks that they are making moves to significantly increase anytime soon.