Mortgage rate projections for the rest of 2022
- By Miguel E. Hernandez
- Apr 24, 2022
At the beginning of 2022, many real estate sector statisticians predicted that, by the end of the year, mortgage rates would reach 3%, however, the reality is different.
It's not even halfway through the year and already mortgage rates have exceeded the annual forecast. According to an article published by Freddie Mac (Federal Home Loan Mortgage Corporation), a couple of days ago, they revealed that a 30-year fixed rate mortgage is already available. ; at around 4.72%.
Economist Danielle Hale, part of the Realtor.com analyst team, published: the following twitter:
“Continuing the recent trajectory, mortgage rates could reach 5% in a matter of weeks…”
It is not known with certainty how much mortgage rates will increase this year, but at this point this increase does not have a significant impact on the current property market strong> since more and more buyers are looking for purchasing opportunities.
Ali Wolf, Chief Economist of Zonda, He spoke about it and said the following:
“Mortgage rates rose much faster and much higher than even the most aggressive forecasts called for late last year , and yet, the demand for housing seems to remain stable.
The largest increase in mortgage rates so far this year occurred during the month of March, compared to the first two months of the year.
In summary, accurately calculating the increase in mortgage rates is a complicated task but the trend in recent months is an increase. If you are considering buying a home, the best time is now, the lower the mortgage rate will mean the better. This will save you a few thousand dollars in long-term capital.
Would you like to learn more about how you can take advantage of current mortgage rates?
Contact us and book a virtual appointment and receive free advice from a professional Realtor.