Mortgage Rate Forecast: Predictions for the Housing Market Through 2028

The average 30-year fixed mortgage rate is expected to remain in the mid-6% range through 2028 due to inflation and geopolitical tensions. Rates above 6% will persist, limiting significant drops. Home prices are forecasted to rise modestly, with increased inventory easing competition. Refinancing is unlikely to be beneficial unless switching loan types or accessing equity. Buyers should budget for fluctuating rates, and sellers face challenges due to higher current rates compared to existing mortgages.