What's Happening with Interest Rates?

Are rates going to fall in 2023? The consensus seems to be that while mortgage rates are expected to be lower in 2023, we won't see them as low as they were in 2021. But it is worth noting that even if rates stay in the 5-7% range they would still be significantly lower than the historic 1981 mortgage rate of more than 18%.

Mortgage rates moved lower this week as we received positive inflation data in the consumer price index (CPI) continuing to come down. Besides the inflation data, there was not much economic data. With positive inflation data and hourly earnings data from last week also coming in lower, rates have made a significant move lower the last two weeks. It appears inflation has peaked, now the market will need to see what commentary the Federal Reserve members have for future rate hikes to determine if rates will continue to move lower.

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