Lately, affordability has been the biggest hurdle for homebuyers. With home prices climbing fast and mortgage rates going up, a lot of people have found themselves in a tough spot.

Here’s some good news: even though affordability is still a challenge, mortgage rates have started to level off lately. That could make it a little easier for you to start planning your move.

Mortgage Rates Have Stabilized – For Now

Mortgage rates have been all over the place this past year, which made it hard for buyers to predict what’s coming next. Lately, though, rates have begun to stabilize and are now fluctuating within a tighter range (see graph below).

Looking at the graph, you can see that rates have stayed pretty steady within about half a percentage point since late last year. Sure, there have been some small ups and downs, but nothing dramatic or unpredictable. That stability is actually more important than it might seem. As HousingWire points out:

““Analysts, economists and mortgage professionals are coining this quarter’s activity as one of the most “calm” periods for mortgage rates in recent memory.”
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— HousingWire

How This Helps Today’s Buyers

Let’s be honest—when rates keep jumping around from week to week, it’s hard to plan anything. Those sudden changes can feel intimidating. But lately, rates have been pretty steady, which means you can have a clearer idea of what your monthly payment might be. That makes the whole moving process feel less uncertain and a lot more manageable.

Don’t wait any longer—start making your plans today. Even if the rates aren’t exactly where you’d like them, they’ve been pretty stable for a while now.

Will This Stability Last?

Experts say we can expect things to stay pretty stable for a while. Interest rates might drop a little over the next few months, but any changes will probably be gradual and small. As Danielle Hale, Chief Economist at Realtor.com, points out:

““I expect a generally downward trend for rates this year, but at a slow enough pace that it might not be noticeable in any given month.”
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— Realtor.com

If you’ve been waiting for the perfect mortgage rate, the best advice is not to try and time the market. The rate you’re seeing now might not be all that different from the one you could get if you wait. As Jeff Ostrowski, a Housing Market Analyst at Bankrate, points out:

““Trying to time mortgage rates is really difficult. There’s no guarantee that rates are going to be any more favorable in three months or six months.”
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— Jeff Ostrowski, Housing Market Analyst at Bankrate

Looking ahead a bit, the most recent expert predictions are pretty consistent. Two out of three forecasts expect interest rates to stay around the mid-6% range by the end of 2026 (check out the graph below).

This gives today’s buyers a big advantage. As Sam Khater, Chief Economist at Freddie Mac, points out:

““Mortgage rates have moved within a narrow range for the past few months . . . Rate stability, improving inventory and slower house price growth are an encouraging combination . . .”
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— Sam Khater, Chief Economist at Freddie Mac

Keep in mind, mortgage rates will continue to respond to changes in the economy, inflation, and other factors, so they can still move. But for now, things are more stable, which gives you a better chance to plan and take advantage of the opportunities.

Bottom Line

Affordability remains a challenge, but the market is showing signs of more stability, which can make it easier for you to plan your next move.

If you want to figure out what your monthly payment might be in today’s market, let’s get in touch. That way, you can stop waiting and start planning for your next move.