What's happening with Mortgage Rates?

What's happening with Mortgage Rates?

So what's happening to this mortgage rate? Where will they go from here? Freddie Mac's 30 years mortgage is something like this. In January 2021, it was 2.74%. In December 2021, it was 3.1%. And today in March, the end of March, 2022 it's 4.42%. Just a few months ago, Freddie Mac projected the interest rate average in 2022 will be 3.6%. Earlier, in March 2022. Fannie Mae forecast the average interest rate in 2022 will be 3.8%. Here are some expert comments, 

Sam Khater, the Chief Economist from Freddie Mac explained to the press last week.

Greg McBride, the Chief Financial Analyst from Bankrate said,

Nadia Evangelou, Senior Economist and Director of Forecasting from the National Association of Realtors, said

Len Kiefer, Deputy Chief Economist from Freddie Mac, said

Danielle Hale, Chief Economist from Realtor.com, said

So what does all this mean to you, if you are looking to buy a home?

This interest rate is continuously going to go up as these experts are predicting. And also in a survey, they are expecting at least a 9% increase in the home value will be in 2022. So if you're on the fence, it is probably a great time to buy right now than wait and buy next year or so. Because of that 9% gain and also if the interest rate keeps going up, that will add up more bills for you for the housing payment. So do your number with your Mortgage Broker. Connect with us. We can run the number and we can sit down, discuss, so you can make the best decision with the knowledge by looking at the number in front of you. Let's connect. My name is Shawn Bhakta  from Remax Presidential, South Florida Home Finder Team. I'm glad to help.