|Mortgage Rates are Expected to Rise|
“Interest rate hikes, soaring inflation and a smaller bond-buying program are a recipe for higher mortgage rates in 2022,” says Bankrate.com.Home prices will continue to rise, but at a slower pace than they did in 2021Housing prices increased nearly 20% in 2021, reaching record highs. That same level of growth is not expected for 2022. The National Association of Realtors estimates housing prices will climb 5.7% in 2022, while Realtor.com predicts a 2.9% rise.Fewer bidding wars, but they’ll still happen”If the market is cooling down, it’s only by a few degrees. There are still many more buyers than there are homes for sale, particularly in the starter home price tiers,” says Kate Wood, home and mortgage expert at NerdWallet.Housing inventory will remain limited”With homes selling and continuing to do so quickly, inventory will remain limited, but we expect to see the market rebound from 2021 lows,” Realtor.com notes in a new report.
|“Quote of the Month”“Success is sometimes the outcome of a whole string of failures.” – Vincent van GoghJanuary 2022SuMoTuWeThFrSa|
|MONTHLY AVERAGE RATE DATA FOR 30-YEAR FIXED-RATE MORTGAGESSOURCE: FREDDIE MACRATEPOINTSDECEMBER 20213.10%0.7%NOVEMBER 20213.07%0.7%DECEMBER 20202.68%0.7%The data/info presented above are monthly averages and are the exact published results of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The data/info is provided for informational purposes only. The data are not rate quotes and are not intended as an advertisement of interest rates as defined by Regulation Z, Section 1026.2. Averages are for conforming mortgages with 20% down. Average fees and points are provided to reflect the total up-front cost of obtaining a mortgage (one point equals one percent of the loan amount). The PMMS does not provide any APR data and therefore APRs are not included herein.|
Mortgage Rates are Expected to Rise
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