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Experts Project Mortgage Rates Will Continue To Rise in 2022

12/13/2021 by Noelle Cummings Leave a Comment

Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home.

When rates are low, they help you get more house for your money. Mortgage rates have hit the lowest point ever recorded within the last year, and they’ve hovered in the historic-low territory. But even over the past few weeks, rates have started to rise. Recently, the average 30-year fixed rate was 3.14%.

What does this mean if you’re thinking about making a move? Waiting until next year will cost you more in the long run. Here’s a look at what several experts project for mortgage rates going into 2022.

Freddie Mac:

The average 30-year fixed-rate mortgage (FRM) is expected to be 3.0 percent in 2021 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.”

If rates rise even a half-point percentage over the next year, it will impact what you pay each month over the life of your loan – and that can add up quickly. So, the reality is, as prices and mortgage rates rise, it will cost more to purchase a home.

As you can see from the quotes above, industry experts’ project rates will rise in the months ahead. Here’s a table that compares other expert views and gives an average of those projections:

Experts Project Mortgage Rates Will Continue To Rise in 2022 | MyKCM

Whether you’re thinking about buying your first home, moving up to your dream home, or downsizing because your needs have changed, purchasing before mortgage rates rise even higher will help you take advantage of today’s homebuying affordability. That could be just the game-changer you need to achieve your homeownership goals.

Bottom Line

If you’re thinking of buying or selling over the next year, let’s talk. It may be wise to make your move sooner rather than later – before mortgage rates climb higher.

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Filed Under: Buyer Tips, Real Estate News

About Noelle Cummings

Raised in Walnut Creek, Noelle Cummings understands and appreciates the many unique benefits of living in the Bay Area - with its unmatched beauty, culture, shopping, and marvelous restaurants!

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Noelle Cummings
Realtor®/Realtist® | Cal DRE #01333246
Cell: 925-768-3617

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