They have been one of the driving factors in the past year that has encouraged buyers to jump into the housing market. Historically low rates have been a game changer for many families. So, where are mortgage rates today and where are they going?
Right now, the average 30-year fixed mortgage rate is sitting right around 4.42%. This number increased 1.2% just since January. Previously, in 2021, Freddie Mac predicted that mortgage rates would increase to about 3.6%, but as you can see, rates have already surpassed that projection. Industry experts predict where these rates are headed and the consensus is that mortgage rates are expected to stay above 4% and have the potential to go up. In comparison to previous years, the average rate is still low and still a major advantage for buyers. But, that won’t be the case forever.
Castro Real Estate Team and Alpha Mortgage
Luckily for us, Castro Real Estate Team works closely with an awesome local mortgage lender. Alpha Mortgage Corporation was founded in 1983 and provides a personal touch with each individual transaction. We appreciate the attention and care they give to each individual client’s unique situation. If you have questions about your specific situation or mortgage rates in our area, we’ve got the best link right here!
* Learn more about Alpha Mortgage Corporation here.
* Contact one of our top preferred lenders within the corporation here:
* Watch an interview/market update with Alpha Mortgage Owner, Michael Lopez below.
The bottom line— working with professionals is the best route to take when it comes to such an important transaction. And as the market and mortgage rates change, we will always do our best to point you in the right direction!