Here’s a quick update on our rising interest rates and what might lie ahead.
Interest rates have been rising like crazy lately! What does that mean for the real estate market and your ability to buy or sell a home?
At the beginning of 2022, mortgage rates were around 3.11% for a 30-year fixed mortgage, according to Freddie Mac. The most recent data shows that they have risen to 4.76%. Freddie Mac has stated that mortgage rates are likely to continue to increase throughout 2022.
Although the pace of the rate increase is expected to be much more moderate this year, the initial jumps were implemented in anticipation of what will happen after this year, especially with the federal interest rate policy.
Experts have been projecting these rate hikes, but we are hopeful that the upward climb will slow down as the year goes on. Later this month, we’ll look at past markets that reflect what we’re seeing today and what that means for buyers and sellers.
If you have any questions about interest rates or the real estate market in general, don’t hesitate to give me a call or send me an email. I’d love to be a resource for you.
