Households May Finally Be Adjusting to Higher Mortgage Rates
Thirty-four percent of consumers now believe that mortgage rates will go up over the next 12 months, up from 32 percent last month and more than the 29 percent who believe rates will decline.
- Thirty-four percent of consumers now believe that mortgage rates will go up over the next 12 months, up from 32 percent last month and more than the 29 percent who believe rates will decline.
- However, consumers took a slightly more pessimistic view on the likely direction of mortgage rates, likely reflecting the fact that actual mortgage rates have moved upward since the start of the year.
- Mortgage Rate Expectations: The percentage of respondents who say mortgage rates will go down in the next 12 months decreased from 35% to 29%, while the percentage who expect mortgage rates to go up increased from 32% to 34%.
- As a result, the net share of those who say mortgage rates will go down over the next 12 months decreased 8 percentage points month over month.