{"id":7733,"date":"2022-03-30T10:00:09","date_gmt":"2022-03-30T10:00:09","guid":{"rendered":"https:\/\/thezakariagroup.com\/whats-happening-with-mortgage-rates-and-where-will-they-go-from-here\/"},"modified":"2022-03-30T10:00:09","modified_gmt":"2022-03-30T10:00:09","slug":"whats-happening-with-mortgage-rates-and-where-will-they-go-from-here","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/whats-happening-with-mortgage-rates-and-where-will-they-go-from-here\/","title":{"rendered":"What\u2019s Happening with Mortgage Rates, and Where Will They Go from Here?"},"content":{"rendered":"
\n

\"What\u2019s<\/p>\n

Based on the Primary Mortgage Market Survey<\/em><\/a> from Freddie Mac<\/em>, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here\u2019s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year:<\/span><\/p>\n

\"What\u2019s<\/a><\/p>\n

Just a few months ago, Freddie Mac<\/em> projected<\/a> mortgage rates would average 3.6% in 2022. Earlier this month, Fannie Mae<\/em> forecast<\/a> mortgage rates would average 3.8% in 2022. As the chart above shows, rates have already surpassed those projections.<\/p>\n

Sam Khater, Chief Economist at Freddie Mac<\/em>, explained in a press release<\/a> last week:<\/p>\n

\n

\u201cThis week, the 30-year fixed-rate mortgage increased by more than a quarter of a percent as mortgage rates across all loan types continued to move up. Rising inflation, escalating geopolitical uncertainty and the Federal Reserve\u2019s actions are driving rates higher and weakening consumers\u2019 purchasing power.\u201d<\/em><\/p>\n<\/blockquote>\n

Where Are Mortgage Rates Going from Here?<\/strong><\/h4>\n

In a recent article<\/a> by Bankrate<\/em>, several industry experts weighed in on where rates might be headed going forward. Here are some of their forecasts:<\/p>\n

Greg McBride, Chief Financial Analyst, Bankrate<\/em>:<\/h5>\n
\n

\u201cWith inflation figures continuing to surprise to the upside, mortgage rates will remain above 4.0% on the 30-year fixed.\u201d<\/em><\/p>\n<\/blockquote>\n

Nadia Evangelou, Senior Economist and Director of Forecasting, National Association of Realtors<\/em> (NAR):<\/h5>\n
\n

\u201cWhile higher short-term interest rates will push up mortgage rates, I expect some of this impact to be mitigated eventually through lower inflation. Thus, I expect the 30-year fixed mortgage rate to continue to rise, although we aren\u2019t likely to see the big jumps that occurred over the past few weeks.\u201d<\/em><\/p>\n<\/blockquote>\n

Len Kiefer, Deputy Chief Economist, Freddie Mac<\/em>:<\/h5>\n
\n

\u201cMortgage rates are likely to continue to move higher throughout the balance of 2022, although the pace of rate increases is likely to moderate.\u201d<\/em><\/p>\n<\/blockquote>\n

In a recent realtor.com<\/em> article<\/a>, another expert adds to the conversation:<\/p>\n

Danielle Hale, Chief Economist, realtor.com<\/em>:<\/h5>\n
\n

\u201c. . . As markets digest the Fed\u2019s updated economic projections, I anticipate a continued increase in mortgage rates over the next several months. . . .\u201d<\/em><\/p>\n<\/blockquote>\n

What Does This Mean for You if You\u2019re Looking To Buy a Home?<\/strong><\/h4>\n

With both mortgage rates and home values<\/a> expected to increase throughout the year, it would be better to buy sooner rather than later if you\u2019re able. That\u2019s because it\u2019ll cost you more the longer you wait. But, there is a possible silver lining to buying a home right now. While you\u2019ll be paying a higher price and a higher mortgage rate than you would have last year, rising prices do have a long-term benefit once you buy.<\/p>\n

If you purchase a home today valued at $400,000 and put 10% down, you would be taking out a $360,000 mortgage. According to mortgagecalculator.net<\/em><\/a>, at a 4.42% fixed mortgage rate, your mortgage payment would be $1,807 a month (this does not include insurance, taxes, and other fees because those vary by location).<\/p>\n

Now, let\u2019s put that mortgage payment into a new perspective based on the substantial growth in equity<\/a> that comes with the escalation in home prices. Every quarter, Pulsenomics<\/em> surveys a panel of over 100 economists, investment strategists, and housing market analysts about their expectations for future home prices in the United States. Last week, Pulsenomics<\/em> released their latest Home Price Expectation Survey<\/em><\/a>. The survey reveals that the average of the experts\u2019 forecasts calls for a 9% increase in home values in 2022. <\/strong><\/p>\n

Based on those projections, a $400,000 house you buy today could be valued at $436,000 by this time next year. If you break that down, that means the equity in your home would increase by $3,000 a month over that period. That\u2019s greater than the estimated monthly payment above. Granted, the increase in your net worth<\/a> is tied to the home, but it is one way to put the home price appreciation to use in a way that benefits you.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Paying a higher price for a home and a higher mortgage rate can be a difficult pill to swallow. However, waiting will just cost you more. If you\u2019re ready, willing, and able to buy a home, now will be a better time than a year, or even six months from now. Let\u2019s connect to begin the process today.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here\u2019s a visual to show how mortgage rate movement throughout 2021 was […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[99,102,104,108],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nWhat\u2019s Happening with Mortgage Rates, and Where Will They Go from Here? - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/whats-happening-with-mortgage-rates-and-where-will-they-go-from-here\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s Happening with Mortgage Rates, and Where Will They Go from Here? - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. 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