We have broken down the mortgage rates and property predictions for 2022. Buyers should prepare for another year as a seller’s market with mortgage rates also expected to slowly increase.
Mortgage Rates Will Keep Rising In 2022
2021 was a year of records: The average 30-year fixed mortgage rate reached its all-time record low of 2.65%, and inflation hit a 39-year high.
Now there’s only one place left for mortgage rates to go, according to experts, and that is up. In 2021, the average 30-year fixed mortgage rate rose roughly 0.5%. Most experts are predicting 2022 mortgage rates to rise a similar amount.
Winning Mortgage Strategies for 2022 and Beyond
Heading into 2022, it’s looking like we’ll have a strong spring homebuying season. Buyers should prepare for another seller’s market this year, albeit slightly less intense than what they faced in 2021. Home prices are forecast to continue increasing but at a slower pace.
Properly Prepare to Buy a Home
Even if homes aren’t selling as fast as they did in 2021, homebuyers who are prepared to move quickly will have an advantage. Start by getting preapproved for a mortgage and determining your homebuying budget. This will help you narrow down the types of properties you can afford and hone in on where you want to live. Getting preapproved can also help you identify potential hangups in the mortgage underwriting process.
“A smooth sea never made a skilled sailor.”
– Franklin D. Roosevelt
Find out what these predictions might mean for you and your financial situation. Reach out today.
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