Mortgage rates are expected to stabilize around 6% as the housing market sees increased activity from buyers and sellers who have delayed transactions. Economists predict a 4% rise in median home prices in 2025, while rental prices may remain flat, allowing renters more negotiating power. However, potential economic policies could introduce volatility in both mortgage rates and home prices.
Mortgage rates have stabilized, with the average 30-year fixed rate at 6.78% as of mid-November, offering some relief to homebuyers amid market volatility. Experts predict rates will remain in the 6% range into 2025, influenced by economic growth and potential Federal Reserve actions. Homeowners may benefit from refinancing, especially if they secured loans at higher rates last year, as home equity continues to rise significantly.
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