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A report published in early January claimed that mortgage rates are expected to stay elevated for at least the next two years.
A 30-year-fixed mortgage rate is anticipated to stay between 6% and 6.5% throughout 2025 and into 2026, according to U.S. World News & Report. Economists, as recently as December, said that rates could drop to at least 5% by the second half of 2025, but this no longer looks to be the case. In fact, absolutely nothing looks to be certain when it comes to our financial futures in 2025 and 2026, the outlet argued, citing repeated instances of bad predictions over the last few years.
“In January 2023, some experts predicted that rates would be around 4.5% by the end of 2024, which obviously didn’t come to pass,” the author noted. This means everyone who thought they could refinance for a better deal over the coming years probably won’t be able to do so. (TAKE A POLL: Do You Enjoy Traveling During the Holidays?)
People Paying Double For Homes?
“Today’s average 30-year mortgage rate is 6.67%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is relatively low,” says Yahoo Finance. “If you had a $300,000 mortgage with a 30-year term and a 6.67% rate, your monthly payment toward the principal and interest would be about $1,930, and you’d pay $394,752 in interest over the life of your loan — on top of that original $300,000.” You’d end up paying more in interest for your property than the property will ever be worth.
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