8% mortgage rates are coming, per Bruce McNeilage, the CEO and co-founder of Kinloch Partners

8% mortgage rates are coming, per Bruce McNeilage, the CEO and co-founder of Kinloch Partners


Bruce McNeilage, Co-Founder and CEO of Kinloch Partners, recently shared insights on Yahoo Finance regarding the impact of rising mortgage rates on homebuyers and the housing market.

McNeilage predicts that mortgage rates could reach 8%, citing a lack of housing supply and strong demand as key drivers. He advises potential homebuyers to act quickly, emphasizing that home prices are unlikely to decrease significantly. For those unable to purchase a home, he suggests exploring rental options, noting that there are opportunities to rent brand-new homes.

He also discusses a shift in the American dream, noting that people are increasingly valuing experiences and mobility over homeownership. The desire for a "lock-and-leave" lifestyle, where individuals can easily move without the burden of selling a home, is driving some to choose renting over buying.