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2021 was a good year for buying a house, but what does it look like for 2022? Mortgage interest rate predictions are an inexact science, but we can get pretty close. So if you think this year is finally the year to buy a house, this mortgage rate forecast can help.
With such a long run of historically low homeowner loan rates, the question isn’t if rates will rise, but when and how much. While a rise in rates sounds a bit doom and gloom, the outlook is actually very good for potential home buyers.
Based on a survey of housing agencies, rates will top out at around 4%. That might seem high compared to the lows we saw in 2020 and 2021, but that’s still comparable to or lower than rates from the years preceding the COVID pandemic. And you won’t see rates jumping from where they stand now to 4% overnight. Instead, the projections indicate that rates will rise gradually throughout the year, leading up to the high in late 2022.
If you’ve put off homeownership for some reason, now might be the time to jump in and take advantage of the interest rates before they go up. Post-pandemic rates won’t stay low forever, and you can still take advantage of the current mortgage interest rate to help you save money on your home purchase.
Interest rates will rise this year. It’s inevitable. The low rates from the last couple of years were historically low, and many people took advantage of them. But it’s not too late for you to get into a new home without worrying about rising rates. To find out more about the forecast for 2022, and to learn about the loan programs available to you, contact the experienced lenders at Midland Mortgage Corporation.