Hello 2022! 2021 was certainly a year for the record books in so many ways. On the residential real estate front, rates for a 30-year fixed mortgage set records at 2.65%. Now the question on everyone’s mind is “Will buying a house in 2022 be easier than last year?”. Experts believe mortgage interest rates will continue to increase as we get further into 2022. As a reference point, last year the average 30-year fixed mortgage rate rose around 0.5%.
There are differing opinions on how much and exactly when rates will rise in 2022. Rates may see an increase up to 3.5% by the end of 2022, according to Freddie Mac. However, the National Association of REALTORS® is anticipating that this number will be closer to 2.7%. Regardless of how increases play out, they will remain lower than other increases we have seen in previous years. This is welcome news for home buyers who have been closely watching home prices and mortgage interest rates and want to purchase a home in 2022.