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2023 Interest Rates

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Where will rates go in 2023?

Rates have gone up in relation to the Federal Reserve’s federal funds rate, which has risen from near zero at the beginning of 2022 to around 4.25% by the end of the year. The Fed is expected to keep increasing their rate in order to get inflation under control, but at a slower pace in the first part of 2023.

Many of the most respected industry watchers are predicting that rates will continue to come down in 2023. The Mortgage Bankers Association (MBA) and the National Association of Realtors® (NAR) both are forecasting that mortgage rates come down throughout the year, and finish 2023 in the mid-5% range. Fannie Mae and Freddie Mac take less optimistic views, seeing rates hovering in the high-6% range and finishing the year near 6.2%-6.5%.

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