2021 Saw Historically Low Mortgage Rates
It’s clear that, especially in the past year, the housing market has been swinging in favor of sellers. Homes are going quickly and sometimes selling for more than their listing price. But, we’ve said it before and we’ll say it again; there are big benefits for buyers. The main one being historically low mortgage rates! Mortgage rates are one of the main factors that determine how much house you can afford and when these rates are low, you’re getting more bang for your buck.
2022 Will See Higher Mortgage Rates
However, mortgage rates are on the rise. In fact, within the last week, they have risen 3.14%. Platforms like Freddie Mack and Fannie Mae are predicting that 30 year fixed mortgage rates will go from about 3.0% to 3.5% between now and 2022.
In conclusion, if you are considering buying a home, waiting will cost you more money in the long run. Paying a lower mortgage rate over the course of 30 years will benefit you and save you money.
Is now the right time for you to buy a home? Call us today and we will connect you with one of our agents that will advise you on your next step!