The housing market is heating up! The mortgage interest rates for next year have been predicted to increase. This means that if you wait until then, your monthly payment will be higher and it could cost as much as 10% more than what the house would normally sell for at today’s price tag.
It might seem daunting but don't worry there are plenty ways I can help point out mortgage originators who have all those hidden benefits in order make this decision easier.
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.
It's time to get your finances in order for the new year. Make sure you're prepared and know what will happen with mortgage rates before making any decisions, or else it could cost more than expected!
Mortgage interest rates are projected by several experts as going up significantly over 2021-2022 so be ready - here is how much that might mean on a monthly basis based off of projections right now:
Freddie Mac:
“The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in2021 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.”
Now is the time to not be lazy. Don't forget to compare mortgage rates for a quick decision of which place is best for you! You want to set yourself up with competitive offers before interest rates rise even higher than they already are.
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