Experts Project Mortgage Rates Will Continue To Rising in 2022

Dated: November 4 2021

Views: 6

Experts Project Mortgage Rates Will Continue To Rise in 2022

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 you’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 the lowest point ever recorded, and they’ve hovered in the historic-low territory. But even over the past few weeks, rates have started to rise. This past week, the average 30-year fixed rate was 3.14%.

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

Freddie Mac:

“The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in 2021 and 3.5 percent in 2022.”

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

“Right now, 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.” 

First American:

“Consensus forecasts predict that mortgage rates will hit 3.2 percent by the end of the year, and 3.7 percent by the end of 2022.”

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 – and that can really add up. So, the reality is, as prices and mortgage rates rise, it will cost more to purchase a home.

As you can see from the quotes above, industry experts project rates will rise in the months ahead. Here’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 you’re thinking about buying your first home, moving up to your dream home, or downsizing because your needs have changed, purchasing before mortgage rates rise even higher will help you take advantage of today’s homebuying affordability. That could be just the game-changer you need to achieve your homeownership goals.

Bottom Line

If you’re thinking of buying or selling over the next year, it may be wise to make your move sooner rather than later – before mortgage rates climb higher.

Blog author image

Nanci Gilbert, PA

Nanci strives to provide every client with a smooth and worry-free experience when it comes to buying and selling real estate. In an industry that can move very quickly, she prides herself on taking t....

Latest Blog Posts

Why It Just Became Much Easier To Buy a Home"

Why It Just Became Much Easier To Buy a HomeSince the pandemic began, Americans have reevaluated the meaning of the word home. That’s led some renters to realize the many benefits of

Read More

Win When You Sell, And When You Move

Win When You Sell (And When You Move)If you’re trying to decide when to sell your house, there may not be a better time than this winter. Selling this season means you can take

Read More

A Checklist for Selling Your House This Winter"

A Checklist for Selling Your House This Winter Some HighlightsIf you’re planning to sell your house this winter, you’ll want it to look its best inside and out.Take the

Read More

Tips for Single Homebuyers: How To Make Your Dream a Reality"

Tips for Single Homebuyers: How To Make Your Dream a RealityIf you’re living on your own and looking to buy a home, know that you can make your dream a reality with thoughtful

Read More