‘Inevitable, in the very near future.’ 4 economists and real estate pros on exactly when mortgage rates will hit 5%
If mortgage rates continue on their current trajectory, some experts predict 30-year fixed rates could hit 5% within the next month or so. Whenever rates hit this benchmark, one thing is clear: Though a 5% mortgage rate is still considered historically low, it would signify the highest level for rates in about the last decade. “While rates got very close, reaching as high as 4.94% in November 2018, they did not reach 5%, according to data from Freddie Mac,” says Danielle Hale, chief economist at Realtor.com. Hale thinks we’re close to hitting 5%: “Even if rates slow their recent pace of increase, they’re likely to hit 5% by mid-year unless something big changes in the outlook,” she says.