US President Joe Biden has brought in many changes since taking office earlier this year. Financially, of course, much has also altered. But what can homeowners, property developers, and first-time buyers expect from his fiscal policies moving forward?

As always, mortgage rates will likely continue to be tricky to predict. That said, it is always a good idea to find the best mortgage rates by comparing what’s around. As you might imagine, big social and political shifts can have knock-on effects on real estate!

Here’s a glance at what we might be expecting from rates under Biden moving forward.

What the Experts Suggest

As it stands, some experts believe mortgage rates under Biden could go in any direction. Some suggest that prices will rise with the US Federal Reserve adjusting for inflation. Others believe that The Fed will likely hold off on huge interest increases for another couple of years. Crucially, this is all speculation.

We have to consider precedents already in place. Believe it or not, the average mortgage rate across the US was at a record low in January 2021. That is, applying to 30-year models. This figure of 2.65% quickly evaporated, with the spring bringing averages back above 3%.

As the year has continued, we have seen 30% averages dip back below 3.0%. This was great news at the peak of summer. However, many experts feel that we could see the rates plateau just above the 3.0% mark soon enough. Interestingly, there does not seem to have been much variance between 30 and 15-year trends.

Will Low Rates Last?

Biden’s economic policy has if we consider the figures above, created some form of stability. However, with regard to helping us recover from the debts of global crises in 2020 and 2021, things may change.

For the US to regain strength financially, The Fed needs to be ruthless on policy and boundary-setting. Not only that, but for USD to gain further traction, we can expect interest rates to climb. Unfortunately, it seems that an interest hike is all but expected, given recent events globally.

The past two years have led to deeper digging into financial resources. This means mortgage rates are likely to feel the impact of the recovery plan. While this full recovery plan from Biden is yet to unfold, we need to keep open minds. We will likely see mortgages rise in price from at least 2023.

Of course, 2024 will also be another big election year. Therefore, it may not be until the final year of Biden’s maiden term that we see such rises peak. That is, of course, if they are to be as large as some suggest.

For now, at least, it seems that mortgage rates will continue at a steady pace. If you are in the market to secure a mortgage, it may be a good idea to act fast. Holding on might not bring you any joy!