What will mortgage rates look like in 2023?
A new survey from the MBA predicts 30-year rates, which hit record lows last July, will average 4% by the fourth quarter of next year. (That compares with 3.1% now.) It doesn't look to be a short-term increase, either. Heading into 2023, rates could potentially go as high as 4.3%—a 39% jump from where they are today.
What is current RBA cash rate?
On the 2nd November 2021 the RBA left the official cash rate unchanged. The current official cash rate as determined by the Reserve Bank of Australia (RBA) is 0.10%.
Does a 10 year mortgage make sense?
Pay off the loan more quickly
If you sign up for a 10-year loan rather than a 30-year loan, you're agreeing to pay off the total sum of the loan over a significantly shorter amount of time. This means paying less interest over time and ending monthly mortgage payments decades earlier than with other loans.