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"How High Can Mortgage Rates Possibly Go?"

Posted by Grossman & Jones Group on October 11th, 2022

Realtor.com writes, "higher mortgage interest rates have taken a battering ram to the housing market.

Since the start of the year, mortgage rates have more than doubled. They’ve blown past all expectations, nationally exceeding 7% by some estimates. The possibility that rates could continue to rise has struck fear into the hearts—and bank accounts—of many stressed-out homebuyers.

The simple, and dispiriting, math: Every time they tick up, fewer buyers can qualify for loans—and those that do often can afford to buy only much cheaper homes.

So how high could rates go? The answer depends largely on how the economy fares. If inflation persists, the U.S. Federal Reserve will keep raising its own interest rates and mortgage rates will likely follow…

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