What Home Buyers Should Know About Mortgage Rates

Are you looking to buy a house this year? If so, you might be in luck. According to recent estimates, mortgage rates will continue to fall. This is great news for potential home buyers in the Spokane area who are looking for a good deal on their next house. Let's explore why mortgage rates could go down this year.

Slowing Economy Could Lead to Lower Mortgage Rates

The biggest factor driving down mortgage rates is the economy. The U.S. economy has been slowing for the past few years, and it is expected to continue to do so into 2023. When the economy slows, it often leads to lower interest rates on mortgages as lenders become more willing to lend money at lower rates in order to stimulate the economy. This means that if you're looking for a good deal on your next home purchase, now may be the perfect time to look into buying one in Spokane before prices start rising again later this year.

Rates Typically Decrease During a Recession

Another reason why mortgage rates could go down this year is because recessions tend to lead to lower interest rates overall—not just on mortgages but also on other types of loans and investments as well. This means that if there is an economic downturn this year, it could lead to even lower mortgage rates than we have seen over the past few years, which would be great news for potential buyers who want to get a good deal on their next house purchase.

In conclusion, mortgage rates are expected to drop even further in 2023 due to a slowing economy and potential recessionary conditions ahead of us this year. This could be great news for potential home buyers who are looking for a good deal on their next house purchase in Spokane County or anywhere else in the country. Be sure to keep an eye out for any changes in mortgage rates over the coming months so that you can take advantage of any new opportunities that may come up!