By Laura Grace Tarpley | aol.com

Fannie Mae has raised its outlook for mortgage rates, signaling that homebuyers may have to wait longer for significant relief. Its latest forecast is higher than projections made just a month earlier.

The change reflects expectations that mortgage rates will remain elevated. Fannie Mae now expects the 30-year mortgage rate to stay around the mid-6% range through 2027, rather than falling below 6% as earlier forecasts suggested.

The updated forecast is important for buyers because higher rates mean larger monthly mortgage payments and continued affordability challenges. It also suggests that buyers waiting for a major drop in rates may need to adjust their expectations.

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