Homebuyers frustrated by high mortgage rates may soon get some relief if the Federal Reserve begins to lower interest rates but they should temper their expectations, experts say.

Although the Fed has signaled it could start lowering rates as soon as its July 31 meeting, industry experts believe rates will never go back to the historic lows seen during the Covid-19 pandemic, when some buyers snagged rates below 3%.

“Rates are never going to get back to where they were during the pandemic,” said Marty Green, a principal at law firm Polunsky Beitel Green. “I think getting into the 4 to 5 [percent rates] is definitely in the cards over the next 18 months or so."

By Andy Medici – Senior Reporter