Brighter And some

Crystal ball prediction: Rates to peak in August

by Kate Watt, Marketing Manager 5 July 2023

All the big four banks are forecasting the current interest rate rises will peak in August.

Can we trust their crystal balls?

The problem with forecasts is that they are notoriously tricky to get right.

The big banks pay their economists big bucks to get their forecasts as accurate as possible – so if you’re going to bet on any forecast, you might as well bet with the bank and not against it!

But the truth is, time will tell.

The National Australia Bank (NAB) was the latest bank to update it’s forecast, reports Mortgage Business.

Regardless of whether rates peak in August or not, the prudent thing for homeowners and buyers to do is factor in some further rate changes to your household budget. The big banks are tipping rises in July and August.

Does the crystal ball predict any good news in the future? Yes!

NAB is forecasting multiple interest rate drops by the end of 2024.

So the white knuckle ride might continue for a little while yet, but hopefully mortgage holders can breathe a sigh of relief come next year.

Pondering your own property market fortunes? Contact us for a chat.