Mortgage Rates Are Rising Again
The Mortgage Bankers Association predicts the mortgage rate to reach an average of 4.5% in 2022 as compared to 3.1% in 2021. Inventory is still at an unprecedented low but the rising interest rate should slow down home price growth as buyers reassess their buying power.
Sellers, an increase in mortgage rates means buyers can afford less. If rates remain high or climb higher, offers may become less attractive. Please reach out for a complimentary specific analysis of your home!
Buyers, please check with your lender for an updated evaluation of your debt-to-income ratio so your pre-approval is up to date and you are able to offer confidently. If you would like us to recommend a lender, please let us know. We would be happy to help!