What You Need To Know About 2022 Interest Rates
One of the most common things my buyers are asking me right now is about the rising interest rates.
“How does this affect my budget and monthly payment? Can I afford a home? Is now still a good time to buy?”
The sudden rise in interest can be scary for some and has many wondering whether or not they should buy right now. I put together a few key points on the most important things you should know right now about the 2022 interest rates and home buying.
Mortgage interest rates are rising. According to The Mortgage Reports, by July 2020, the 30-year fixed-rate fell below 3% for the first time. And it kept falling to a new record low of just 2.65% in January 2021.
According to forbes.com, experts are forecasting that the 30-year, fixed-mortgage rate will vary from 4.8% to 5.5% by the end of 2022.
Your monthly loan payments will be higher.
The total loan payoff costs will be higher.
It could be more difficult to qualify for a loan.
Prices of homes in your area may fall.
Here is a simple chart from forbes.com that shows what our interest rates are looking like as of May 16th 2022:
If you would like to talk further about this topic or have any questions for me, please contact me! I’m happy to chat with you.
