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Experts Project Mortgage Rates Will Continue To Rise in 2022 – Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert.

Experts Project Mortgage Rates Will Continue To Rise in 2022 – Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert.

By Christophe Choo Posted Nov 03, 2021 Featured, Latest Updates, Real Estate Articles, Real Estate News, Shared Recommended Articles, What I'm Reading

Experts Project Mortgage Rates Will Continue To Rise in 2022 - Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert.

Experts Project Mortgage Rates Will Continue To Rise in 2022 | MyKCM

Mortgage rates are one of several factors that impact how much you can afford if youā€™re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates have hit theĀ lowest pointĀ ever recorded, and theyā€™ve hovered in the historic-low territory. But even over the past few weeks,Ā ratesĀ have started to rise. This past week, the average 30-year fixed rate wasĀ 3.14%.

What does this mean if youā€™re thinking about making a move?Ā Waiting until next year will cost you more in the long run. Hereā€™s a look at what several experts project for mortgage rates going into 2022.

Freddie Mac:

ā€œThe average 30-year fixed-rate mortgage (FRM) is expected to beĀ 3.0 percent inā€Æ2021 and 3.5 percent in 2022.ā€

Doug Duncan, Senior VP & Chief Economist,Ā Fannie Mae:

ā€œRight now,Ā we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low and supportive of mortgage demand and affordability.ā€Ā 

First American:

ā€œConsensus forecasts predict that mortgage rates will hitĀ 3.2 percent by the end of the year, and 3.7 percent by the end of 2022.ā€

If rates rise even a half-point percentage over the next year, it will impact what you pay each month over the life of your loan ā€“ and that can really add up. So, the reality is, asĀ pricesĀ and mortgage rates rise, it will cost more to purchase a home.

As you can see from the quotes above, industryĀ expertsĀ projectĀ rates will rise in the months ahead. Hereā€™s a table that compares other expert views and gives an average of those projections:Experts Project Mortgage Rates Will Continue To Rise in 2022 | MyKCMWhether youā€™re thinking about buying your first home, moving up to your dream home, or downsizing because your needs haveĀ changed, purchasing before mortgage rates rise even higher will help you take advantage of todayā€™s homebuyingĀ affordability. That could be just the game-changer you need to achieve your homeownership goals.

Bottom Line

If youā€™re thinking of buying or selling over the next year, it may be wise to make your move sooner rather than later ā€“ before mortgage rates climb higher.

Call Christophe Choo at 310.777.6342

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