Anticipated drop in mortgage interest rates for 2023: A closer look at projected decreases.

Bankrate, a financial services website, predicts a drop in interest rates for a 30-year fixed-rate mortgage in the U.S. to 5.25% by the end of 2023. This forecast is due to expectations of a slowing economy as the Federal Reserve continues to increase its benchmark interest rate to combat high inflation. Despite the drop, potential homebuyers should not expect rates to reach pre-pandemic lows, and a chronic undersupply of homes will keep prices high, according to Bankrate's Chief Financial Analyst, Greg McBride. Read More Here.