Rates are at above 7%, according to Mortgage News Daily.
“Anyone forecasting mortgage rates needs to have a lot of humility,” Ali Wolf, chief economist at Zonda Research, a housing market-research platform, told MarketWatch in an interview on the Barron’s Live podcast.
“You’re basically trying to forecast what happens to the 10-year, what happens to the Fed, what happens to inflation… all of those assumptions have to be right for your mortgage-rate forecast to be right,” she added. Others say it’s time to get used to the new higher interest-rate environment. “When I bought my first home, our mortgage rates were 7.5%, 8%,” Christine Cooper, chief U.S. economist and managing director at CoStar Group, told MarketWatch in an interview.
But he added that he wasn’t worried that a correction would trigger a wave of defaults and destabilize the economy like the last recession.
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