Economists at Fannie Mae are now predicting much higher mortgage rates through the end of 2026 and into 2027. It now puts the average rate on the 30-year fixed at 7.4% for the fourth quarter of this year and 7.5% through all of next year. It previously forecast 6.8% for the fourth quarter and 6.7% for all of next year. The average rate on the 30-year fixed stood at 7.46% Tuesday, according to Mortgage News Daily, but will likely move higher today. Bond yields are rising after a hotter-than-expected inflation report. Mortgage rates have been rising sharply since the start of September, as inflation remains stubbornly high and bond markets sell off due to several factors.
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