Hurry! Now's the Perfect Time to buy your Dream House!
Think about this, the average 30-year fixed mortgage rate from Freddie Mac increased from 3.22% to 3.45%. Quite shocking right? Well for some experts, they have been projecting this trend this 2022. If buying is your plan this year, you might need to think fast, here’s another projection this year from Freddie Mac:
· Q1 2022: 3.4%
· Q2 2022: 3.5%
· Q3 2022: 3.6%
· Q4 2022: 3.7%
What is this data saying is that mortgage rates are not going anywhere but upwards. And the more you wait for lower rates in the market, the more you miss out on the chance of actually buying if the mortgage is one of your primary buying factors. But what do all these really mean to you?
When rates continue to rise, it will affect your mortgage monthly payments and eventually your overall purchasing power and affordability. But you don’t have to worry, because instead of holding back on buying, this is the perfect chance to buy sooner rather than later. Did you know that these numbers are good news? If we will take into account the historical data, today’s rate is still better at 3.45% vs five decades ago.
Shown in the graph is how lucky we are to be paying these low rates versus our loved ones before. Not to consider the fact that if you buy now, your mortgage payments will be locked at that rate throughout the life of your loan you took advantage of. Drastic changes are being labeled on the graph above, and with the projection from industry analysts, what we can evaluate is that it’s best to take that plan of buying to actually doing it. Not only do you secure the rate you availed, but also being able to save that much money in the long term.
Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), says:
“Mortgage rates surged in the second week of the new year. The 30-year fixed mortgage rate rose to 3.45% from 3.22% the previous week. If inflation continues to grow at the current pace, rates will move up even faster in the following months.”
CONCLUSION:
As the mortgage rate increases, you should also consider this as a sign to take action sooner. Especially since all of these have been forecasted by experts. Therefore make 2022 the year you finally achieve that dream house of yours! So contact Stephanie Gavin and make your homebuying dreams become reality.